Clause 28 - Recognition requirements: power of FCA and Bank to make rules

Part of Financial Services Bill – in a Public Bill Committee at 3:30 pm on 8th March 2012.

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Photo of Cathy Jamieson Cathy Jamieson Shadow Minister (Treasury) 3:30 pm, 8th March 2012

I shall be brief. Again, I have a couple of questions. Will the Minister explain what mechanisms will be in place to ensure scrutiny of the rules made by regulators? What accountability will the regulators have to report to the Treasury on the rules on recognition requirements? Again, those questions follow a theme that we have consistently pursued throughout our consideration of the Bill. When rules are made, who has absolute oversight? What is the Treasury’s role? And at what point will the Treasury call for a report or intervene? What power will the Treasury have to rescind rules with which it disagrees? What consultation procedures have been established ahead of any rule changes?