Clause 66 - Powers of appointed person and procedure

Part of Financial Services Bill – in a Public Bill Committee at 11:00 pm on 20th March 2012.

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Photo of Mark Hoban Mark Hoban The Financial Secretary to the Treasury 11:00 pm, 20th March 2012

I will investigate the latter point. I made the point at the start that the provisions were by and large covered by section 14 of FSMA. I do not think there is any point in reopening issues that have been settled some years ago.

Regarding the powers under clause 66, we are making it clear that we are giving significant powers to the appointed person and the procedure. The powers under clause 65(3) are predominantly about the scope of the inquiry, rather than necessarily the sort of people who should be summoned before the inquiry to give witness or evidence or to provide documentation. Clause 66 is therefore not in any way constrained by clause 65(3).