Results 81–100 of 656 for speaker:Lord Eatwell

Banking: Parliamentary Commission on Banking Standards — Motion to Take Note (5 Dec 2013)

Lord Eatwell: My Lords, the Parliamentary Commission on Banking Standards’s reports form a landmark, dissecting the structure of banking in this country and hence exposing the serious systemic weaknesses both within the banking industry itself and in government policies toward banking. The reports display a constructive blend of financial and institutional analysis. They also display a healthy disdain...

Financial Services (Banking Reform) Bill — Report (2nd Day) (27 Nov 2013)

Lord Eatwell: My Lords, I support my noble friend Lord Brennan in his attempt to remove subsection (2)(b) from Clause 124. As he has clearly told the House, it would enable secondary legislation to amend future Acts prior to the end of the Session—not this Act, but other enactments. This is an extraordinary power which was justified in Committee by using the argument that there are precedents. No...

Financial Services (Banking Reform) Bill — Report (2nd Day) (27 Nov 2013)

Lord Eatwell: My Lords, I was a member of the original regulatory decisions committee at the Financial Services Authority, which noble Lords may remember was set up after FiSMA ran head first into the human rights legislation because the regulator was in many cases judge and jury. The RDC was set up as a filter, to be an independent assessor of regulatory decisions by the various divisions of the FSA and...

Financial Services (Banking Reform) Bill — Report (2nd Day) (27 Nov 2013)

Lord Eatwell: My Lords, I add the support of these Benches for the commissioners’ amendment. I was particularly struck, as I hope the Government were, by the account related by the noble Lord, Lord Lawson, of what happened when he made these meetings legal but overlooked the need to put them into statute law, with the result that they did not happen. We have an opportunity here to make these meetings...

Financial Services (Banking Reform) Bill — Report (2nd Day) (27 Nov 2013)

Lord Eatwell: My Lords, I support the sentiments expressed by the most reverend Primate, in particular in pointing out the considerable confusion in the Government’s position in Committee when they told us, on the one hand, that the FPC had this power already and, on the other hand, that they proposed to give the FPC the power in 2018. We were told both things at once and it was not at all clear that the...

Financial Services (Banking Reform) Bill — Report (2nd Day) (27 Nov 2013)

Lord Eatwell: My Lords, Amendment 172 derives from, and is a response to, an amendment that the Government successfully moved in Committee, which gave the PRA a secondary competition objective directly related to issues of market structure and performance. We have developed in this Bill, and in the previous Financial Services Bill which we also considered in this Session, a twin-peaks approach to financial...

Financial Services (Banking Reform) Bill — Report (2nd Day) (27 Nov 2013)

Lord Eatwell: There I was with my notes saying how inadequate the noble Lord’s answer was going to be. I am delighted that the Government have recognised the power of this argument and I look forward to discussions with them and to the moving of amendments at Third Reading. Amendment 172 withdrawn. Clause 117: Fees to meet Treasury expenditure relating to international organisations Amendment 173 Moved...

Financial Services (Banking Reform) Bill — Report (2nd Day) (27 Nov 2013)

Lord Eatwell: My Lords, I regret that the Government seem to have learnt nothing since Committee stage. We have heard the repetition of high level principles of the regulator protecting customers. What has actually happened? There have been successive scandals when customers were not protected by the regulators and successive scandals in which treating customers fairly was simply a joke. The noble Lord...

Financial Services (Banking Reform) Bill — Report (2nd Day) (27 Nov 2013)

Lord Eatwell: That is because I think the distinction between commercial banking and investment banking is relevant in this case. One would expect investment bankers to behave honestly and in an appropriate manner in their business transactions. I would not expect an investment banker necessarily to display a duty of care and certainly not a fiduciary responsibility whereas I really would expect a...

Financial Services (Banking Reform) Bill — Report (2nd Day) (27 Nov 2013)

Lord Eatwell: I am very grateful to the noble Lord for his comments. I had overlooked that point. Once the House has accepted this amendment, we can move on, perhaps at Third Reading, to add the elements that the noble Lord suggests.

Financial Services (Banking Reform) Bill — Report (2nd Day) (27 Nov 2013)

Lord Eatwell: I am grateful to the noble Baroness. I am sure that her suggestion and, indeed, the example of the Netherlands might well be followed here.

Financial Services (Banking Reform) Bill — Report (2nd Day) (27 Nov 2013)

Lord Eatwell: I should point out to the noble Lord that the case he has described would come, under the terms of my amendment, under duty of care, not fiduciary responsibility.

Financial Services (Banking Reform) Bill — Report (2nd Day) (27 Nov 2013)

Lord Eatwell: My Lords, I confess I was a little puzzled by the introduction to the amendment of the noble Lord, Lord Phillips. He portrayed it as being so broad as to cover virtually all derivatives trading, whereas I had presumed that he was focusing on those derivative trades that are classified as gambling—in other words, financial spread betting. The crucial issue with respect to financial spread...

Financial Services (Banking Reform) Bill — Report (2nd Day) (27 Nov 2013)

Lord Eatwell: My Lords, as noble Lords will see on the Marshalled List, Amendment 165 would insert a new clause entitled “Duty of care”. Over the past several months, we have seen a variety of scandals which have, let us say, polluted the relationship between banks and their customers, particularly those holding household accounts or those which are small or medium-sized enterprises. We have had the...

Financial Services (Banking Reform) Bill — Report (1st Day) (Continued) (26 Nov 2013)

Lord Eatwell: My Lords, we of course look forward with interest to the amendments that the Government will put down at Third Reading. However, I was somewhat disturbed by newspaper reports suggesting that the Government are going to ask the FCA to formulate a policy on the level of the cap. That would be entirely inappropriate. It is for the Government to formulate and to define the objectives of the...

Financial Services (Banking Reform) Bill — Report (1st Day) (Continued) (26 Nov 2013)

Lord Eatwell: My Lords, having listened to my noble friend Lord Brennan and the noble Lord, Lord Phillips, I found this discussion quite disturbing. The creation of a criminal offence is one aspect of the Bill that pushes forward the regulatory regime in the UK and creates an environment more suited to the somewhat cavalier nature of finance in a global marketplace—in particular by identifying those...

Financial Services (Banking Reform) Bill — Report (1st Day) (26 Nov 2013)

Lord Eatwell: My Lords, in the past, anti-money-laundering legislation tended to be associated with crime, typically drugs or gun-running. These days it has achieved a much greater importance in the sense that it is also associated with terrorism. Therefore, the need to maintain the strictest anti-money-laundering rules and to ensure that they are adequately enforced is an element not only of the...

Financial Services (Banking Reform) Bill — Report (1st Day) (26 Nov 2013)

Lord Eatwell: My Lords, I was intrigued by the proposals which the Minister suggests will be brought forward at Third Reading and I look forward to having the opportunity to see them—perhaps in good time—before we have to debate them. The key issue in Amendment 21 is that of qualification: professional qualification, minimum thresholds of competence and continuous professional development. These are...

Financial Services (Banking Reform) Bill — Report (1st Day) (26 Nov 2013)

Lord Eatwell: My Lords, given the assurance given by the Minister that we will return to this matter at Third Reading, I beg to withdraw the amendment. Amendment 12 (to Amendment 11) not moved. Amendments 13 to 15 (to Amendment 11) not moved. Amendment 11 agreed. Amendment 16 Moved by Lord Deighton 16: After Clause 8, insert the following new Clause— “Right to obtain documents and information (1) A...

Financial Services (Banking Reform) Bill — Report (1st Day) (26 Nov 2013)

Lord Eatwell: My Lords, Amendment 21, and Amendments 50 and 51 from the commissioners, refer to the professional standards to be required in the banking industry—particularly to licensing bankers who have attained the required professional standards and, of course, not licensing those who have not. With respect to the conduct and skills of members of the banking industry, the Bill currently refers to...


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