Clause 75 - Conclusion of investigation

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

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Question proposed, That the clause stand part of the Bill.

Photo of Chris Leslie Chris Leslie Shadow Minister (Treasury)

I have a simple question. The clause covers detailed issues that have to be included in the conclusions of an investigation. It has included results of the investigations, lessons and recommendations, but not the background and causes of the regulatory failure. I am slightly worried that the root causes of that failure are not captured specifically in the Bill. If the Minister can confirm that the provisions, perhaps the results of the investigation or the lessons, will broadly include the causes, that would be helpful. It just seemed an obvious omission in the clause as framed.

Photo of Mark Hoban Mark Hoban The Financial Secretary to the Treasury

I would certainly expect that to be the case. Under subsection (a), I assume that the results would uncover the process issues, the failure of the process and the failure of rules. The list is not exhaustive, and I expect the clause to cover the causes either under subsection (a) or, indeed, subsection (b).

Question put and agreed to.

Clause 75 accordingly ordered to stand part of the Bill.

Clauses 76 to 78 ordered to stand part of the Bill.

Ordered, That further consideration be now adjourned. —[Greg Hands.]

Adjourned till Thursday 22 March at half-past Nine o’ clock.