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

The Opposition understand what the Bill intends to do to set up the independent regulators, but I emphasise that many of our concerns are about the interaction between those regulators. We want to establish who would have the responsibility of sorting out any disagreement or problems that emerge between the regulators, which is why we have tabled a number of probing amendments and consistently raised that issue during the debates. I have heard what the Minister said, and there is not enough of a problem for us to object to the clause, but we will return to the matter.