Clause 37 - Appointment of chief executive of FCA

Financial Services Bill – in a Public Bill Committee at 4:15 pm on 1 December 2020.

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

Photo of John Glen John Glen Minister of State (Treasury) (City), The Economic Secretary to the Treasury

The Government believe that the appointment of the FCA’s chief executive officer should be brought into line with similarly high-profile appointments in financial services, such as the deputy governor of the Bank of England or the CEO of the Prudential Regulation Authority. The clause will therefore set out in statute that the FCA CEO should be subject to a fixed five-year term, renewable once. This delivers on a commitment made to the Treasury Committee during the passage of the Bank of England and Financial Services Act 2016. I therefore recommend that the clause stand part of the Bill.

Question put and agreed to.

Clause 37 accordingly ordered to stand part of the Bill.

Clauses 38 to 44 ordered to stand part of the Bill.

Ordered, That further consideration be now adjourned. —(David Rutley.)

Adjourned till Thursday 3 December at half-past Eleven o’clock.

Written evidence reported to the House

FSB08 Association of British Insurers (supplementary submission from Hugh Savill, Director, re Gibraltar tax differences)

FSB09 Finance Innovation Lab (further submission)