Clause 72 - Modification of section 70 in relation to Lloyd’s

Part of Financial Services Bill – in a Public Bill Committee at 11:15 pm on 20th March 2012.

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Photo of Chris Leslie Chris Leslie Shadow Minister (Treasury) 11:15 pm, 20th March 2012

Will the Minister explain the special treatment of Lloyd’s of London for this provision? I know that we have talked about Lloyd’s in relation to  other clauses, but it appears that in this case only the PRA can conduct an investigation into “the Society”—into Lloyd’s. Clause 70 refers only to the PRA’s duty to investigate, so can the Minister confirm that this provision relates simply to the PRA in that particular way, even though clause 37, which we discussed earlier, split some of the regulation between the PRA and the FCA? Will he explain why the Treasury has gone down this route?