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 Mark Hoban Mark Hoban The Financial Secretary to the Treasury 11:15 pm, 20th March 2012

Clause 70 relates to the duty of the PRA, so if section 72, as it will be, is to amend section 70, it can do so only in respect of the PRA. It recognises the fact that members of Lloyd’s are not actually authorised by the PRA. If we are to have an inquiry that looks at the way in which members of Lloyd’s are being dealt with, we need to amend the provision in section 70.