Clause 60 - Duty of Treasury, Bank and PRA to co-ordinate discharge of functions

Part of Financial Services Bill – in a Public Bill Committee at 9:00 pm on 20th March 2012.

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Photo of Chris Leslie Chris Leslie Shadow Minister (Treasury) 9:00 pm, 20th March 2012

That is another angle to the reason why we need to pause and look at the clause. Although the duty to co-ordinate is important, it would be wrong to let the clause pass with its current deficiencies. It is a question of the glass being half full or half empty, and unfortunately the glass is a little bit empty because the FCA is left out in the cold.

I do not see that any harm would result from the arrangement that I have suggested. The Minister justifies the rejection of that arrangement by saying that clause 60(2) specifically mentions the importance of co-ordination as a function of “public funds notifications”, but only the Treasury, the Bank and the PRA must have regard to it in such circumstances. The clause does not exclude circumstances where there might be a question of market function. I feel that the clause needs improvement, and I am not happy to see it stand part in its present form.