Lord Eatwell: had given notice of his intention to move Amendment No. 209: Page 51, line 4, after ("a") insert ("reasonable and ethical").
Lord Eatwell: The Minister said that in his speech he did not have the opportunity to address the matters raised in my amendments. I look forward to receiving his letter on those issues. Having said that, I shall not move the amendment.
Lord Eatwell: It may assist the noble Lord to know that when those gentlemen, including the noble Lord, Lord Lester of Herne Hill, gave evidence to the Joint Committee, the regular-user test was not before them. Therefore, they could not possibly have commented on it. It was introduced only at a later stage.
Lord Eatwell: I speak to my Amendments Nos. 209, 210, 211 and 213 which are grouped with the amendments that we are discussing. But, first, I wish to comment on the amendments in this group tabled by the Opposition Front Bench. At Second Reading I expressed concern that, as currently drafted, Clause 109 weakened the current protection against market abuse by authorised persons. The Opposition amendments...
Lord Eatwell: I am grateful to noble Lords who supported the principle of the amendment, although most were somewhat critical of the formulation that I chose. I am particularly grateful, if slightly amazed, at support from the noble Lord, Lord Saatchi. His earlier remarks criticising Clause 60 and preceding clauses had led me to scribble on my notes a series of colourful remarks with which to upbraid what...
Lord Eatwell: moved Amendment No. 166A: Page 27, line 8, at end insert ("and to whether the candidate demonstrates a commitment to engage in continuing professional education and development").
Lord Eatwell: The objective of Amendment No. 166A is to assist in raising professional standards in the financial services industry and, in particular, to ensure that standards of competence keep up with the changing circumstances of financial markets. Clause 60 as currently drafted is peculiarly static for what is one of our most dynamic industries. In evaluating the characteristics of a candidate, the...
Lord Eatwell: The noble and learned Lord, Lord Fraser, was quite right in arguing that he has consistently put forward this point, including to the Joint Committee, but he was a little coy as to why the Joint Committee rejected it. The point that was made then, and is important here, was that in so many situations today the regulatory strength of the Financial Services Authority will be defined by its...
Lord Eatwell: I believe that the noble and learned Lord is taking his argument too far. For example, I refer to the point made by the noble Lord, Lord Jenkin. The SEC rule gives it a duty to promote competition but not a duty to promote the competitive position of the United States, which would be a quite different requirement. I believe that this amendment switches the balance much too far. The...
Lord Eatwell: I speak with some trepidation having been generally admonished on the last occasion I spoke. I promise noble Lords that from now on my speeches will contain no colourful language, will be irredeemably dull and will concentrate on technical matters. I speak to Amendment No. 54, which stands in my name and is grouped with Amendment No. 13 relating to the definition of market confidence and...
Lord Eatwell: The noble Lords, Lord Newby and Lord Alexander, have made speeches which I found very convincing. They convinced me that they were both wrong. I want to leave aside the issues of the particular characteristics of corporate governance and even the issue of the significant powers which the Financial Services Authority will have because the main issue is the characteristics of this organisation...
Lord Eatwell: The noble Lord should take a lesson from a statement made by the noble Baroness, Lady Thatcher, when she was Prime Minister. She pointed out that advisers advise and politicians decide. At such times, it is vital that the leaders make the decisions. They may have people around them with the skill to advise them, but that is not the point. We need someone who understands the strategy and the...
Lord Eatwell: If he really wishes to persist in the position which he has taken so far, the noble Lord will have to answer the following question: can he identify a major financial regulator in the world which is organised in the way he proposes?
Lord Eatwell: Yes, I shall gladly withdraw that comment. It was just a frivolous comment at the end of what I hoped was a series of serious remarks. I hope that it does not devalue the serious remarks I made earlier. I thank the noble Lord for giving me the opportunity to withdraw the comment.
Lord Eatwell: My Lords, the enormous task, indeed the revolutionary task, which the Government have set themselves--namely, the creation of a single statutory regulator of all financial services--is extremely difficult to get right. That is why the Government are to be commended on the extensive procedures which they have put in place for detailed consideration of the Bill, most notably the examination of...
Lord Eatwell: My Lords, I must confess that at first I was a little puzzled as to how to approach the topic of this debate, for changes in employment patterns are essentially the outcomes of the interaction of a complex range of processes. It is those processes which are the determinants. It is the patterns of employment which are simply determined. So it seems to me that the real issues at stake in this...