Results 61–80 of 872 for speaker:Lord Peston

Financial Services Bill — Report (3rd Day) (20 Nov 2012)

Lord Peston: I take it that the people who have already behaved in a criminal way can be prosecuted under the criminal law as it is. In other words, there is no need for retrospection because there is a criminal law sitting out there waiting. For all we know, it is already dealing with them.

Financial Services Bill — Report (3rd Day) (20 Nov 2012)

Lord Peston: The answer is that it is. It is a price index, and all price indexes are derived from markets because markets set prices. There is no question that it is not an index. I think that this is a matter of language and we hope that the Minister will clarify it for us. Will he also point to where in any amendment that he has put down the acronym LIBOR appears?

Financial Services Bill — Report (3rd Day) (20 Nov 2012)

Lord Peston: Am I right, therefore, that anybody looking at the Bill would not know that it had anything to do with LIBOR? I am pretty sure that I must be. They will know now, because the Minister has told us, but why does he not then put it in his amendments? What we are discussing is a badly drafted Bill that could be improved if it merely contained the sentence, "The object of all of this is to deal...

Financial Services Bill — Report (3rd Day) (20 Nov 2012)

Lord Peston: My Lords, my contribution is also entirely interrogative. I have a lot of questions. I shall put the matter in context. Before we started today's proceedings, I thought that this was all very straightforward and simple but I now realise that I did not understand any of it at all. I am not certain that I am alone in not understanding it. I shall go through my questions and give some examples...

Financial Services Bill — Report (3rd Day) (20 Nov 2012)

Lord Peston: All I was saying was I thought that the Bill team, when we met them, told us that these amendments dealt with LIBOR, end of story. I am asking whether they deal with lots of other things. I am not saying it is wrong to do so, I am simply asking.

Financial Services Bill — Report (2nd Day) (Continued) (12 Nov 2012)

Lord Peston: Is the Minister telling your Lordships that the FCA will have the power to intervene with specific firms? On the basis of what information, I wonder.

Financial Services Bill — Report (2nd Day) (Continued) (12 Nov 2012)

Lord Peston: My Lords, in supporting my noble friend's amendment I reread this section of the Bill, and I realised that I did not understand it at all. On the face of it, we are discussing here the consumer protection objective-that is, a series of statements most of which could be read as totally vacuous. In fact, as I read them again, I immediately thought, "What does it leave the FCA to do, rather than...

Financial Services Bill — Report (2nd Day) (12 Nov 2012)

Lord Peston: My Lords, I intervene reluctantly, but I see a lack of logic in what was said by the noble Lord, Lord Hodgson. If the amendment of the noble Lord, Lord Phillips, is not needed, and nor is that of my noble friend Lady Hayter, can he give us any explanation of how the criminal-I use that word again-activities of so many people in the City went on for year after year? If everything is fine and...

Financial Services Bill — Report (2nd Day) (12 Nov 2012)

Lord Peston: We can speak for clarification and to ask questions. We cannot make substantive points.

Financial Services Bill — Report (2nd Day) (12 Nov 2012)

Lord Peston: I must be a bit thick; I thought that the Parliamentary Commission on Banking Standards was not due to report until this Bill is passed into law. Where will its recommendations, assuming it makes any, then be passed into law?

Financial Services Bill — Report (2nd Day) (12 Nov 2012)

Lord Peston: I am still a bit lost. As I understand it, the Minister cannot at this point commit the Government to bringing in any specific Bill that they have not brought in yet. However, setting that on one side, the more important point is that all of my remarks, as he will be aware, were addressed to the whole of the financial services sector. Is it possible to have a banking Bill in which amendments...

Financial Services Bill — Report (2nd Day) (12 Nov 2012)

Lord Peston: My Lords, I rise to support both of these amendments in the names of my noble friends. I think that my noble friend Lady Hayter is right to place all of this in the context of the experience of the past few years. The general proposition on which our discussion must be based is that, if the financial services sector misbehaves, we all suffer-not merely those who buy financial products...

Economy: Quantitative Easing — Question (12 Nov 2012)

Lord Peston: My Lords-

Economy: Quantitative Easing — Question (12 Nov 2012)

Lord Peston: My Lords, could the Minister just clarify his Answer a little? Is he saying that the economy is now on a continuous expansion path of a sustainable nature, and therefore that everybody else-all the experts who say that there are nothing but bad times ahead-is mistaken? Is that the Government's view?

Financial Services Bill — Report (1st Day) (6 Nov 2012)

Lord Peston: My Lords, I do not understand the intervention. Why has the governor been given the power if he cannot use it? If you do not want him to use it you do not give it to him.

Financial Services Bill — Report (1st Day) (6 Nov 2012)

Lord Peston: My noble friend should not really accept this, because no one reading the Bill could conceivably read the word "Bank" to mean "court". "Bank" means the Bank, and the Bank, in practice, is the governor.

Financial Services Bill — Report (1st Day) (6 Nov 2012)

Lord Peston: My Lords, I support this amendment in substance. The noble Lord will be delighted to hear that I also wish to make a couple of semantic points. My noble friend said that the committee should have its own staff. My view is that it should not only have its own staff but should appoint its own staff, thereby guaranteeing that the staff are its own, work for it and, to use the slang expression,...

Financial Services Bill — Report (1st Day) (6 Nov 2012)

Lord Peston: Is that true?

Financial Services Bill — Report (1st Day) (6 Nov 2012)

Lord Peston: I wish to make a comment and ask the Minister a question. My comment is that there are no long words in this amendment. I would have thought that the average person who had been at school could just about understand it in a few minutes of reading it. The idea that the Minister cannot address your Lordships' House without several days, if not weeks, of Treasury back-up seems to me absolutely...

Financial Services Bill — Report (1st Day) (6 Nov 2012)

Lord Peston: Could the Minister confirm that all these appointments will be advertised in appropriate places? I think that he said it but I am not sure that I caught what he said.


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