Results 121–140 of 872 for speaker:Lord Peston

Financial Services Bill: Committee (5th Day) (25 Jul 2012)

Lord Peston: I am full of despair because the noble Lord seems to have missed the whole point of what we are discussing. He keeps going back to technicalities, which is exactly the wrong way to view this matter. I think it was the noble Lord, Lord Lucas, who focused on why this Bill is a wasted opportunity, particularly in the way that it is being handled by Ministers. The real disaster that has hit this...

Financial Services Bill: Committee (5th Day) (25 Jul 2012)

Lord Peston: My Lords-

Financial Services Bill: Committee (5th Day) (25 Jul 2012)

Lord Peston: My Lords, I find it almost impossible to cope with the way in which the Committee stage of this Bill has been handled. It is completely different to any other Bill which I have taken part in. My point was not a Second Reading point. It was germane to this specific amendment, to what lies behind it, and to the philosophy of it. The Minister's absolute refusal to even say, "Some good points...

Financial Services Bill: Committee (5th Day) (25 Jul 2012)

Lord Peston: My Lords, this is a very important amendment. It is important in its own right, but it also exposes what is fundamentally wrong with this Bill, which is that it is based on an economics model of the rationally informed consumer. No one doubts that there are large numbers of rationally informed consumers out there, able to take optimal decisions, but a vast amount of research has been...

Finance: Loan Guarantee Scheme — Question (24 Jul 2012)

Lord Peston: My Lords, it is obvious that this loan guarantee scheme must involve immense risk because if there were no risk involved, the guarantee would not be required. How will the costs of meeting those risks enter into the public accounts, or will the Government try to fiddle the figures so that they do not eventually appear as public expenditure?

Financial Services Bill — Committee (4th Day) (Continued) (18 Jul 2012)

Lord Peston: I support my noble friends, particularly my noble friend Lady Liddell. This takes us back to our earlier remarks today on the need for a professional body for the financial intermediary. I was very disappointed at the way in which the Government did not seem to recognise that as a matter of great concern. As I understand it, doctors have a professional body in the first place and, secondly,...

Financial Services Bill — Committee (4th Day) (Continued) (18 Jul 2012)

Lord Peston: I would still like a rational answer to what I have put to the Minister. The least he can do is to say that he would like to think about it and come up with the right answer. Apart from anything else, it would do him a world of good.

Financial Services Bill — Committee (4th Day) (Continued) (18 Jul 2012)

Lord Peston: Before the Minister goes on to the next amendment, my noble friend Lord Barnett's and my amendment, if I may draw his attention to it, appears in a clause that is headed "The consumer protection objective" and refers to the FCA. How can the Minister make the illogical leap of saying that that does not concern the FCA? It says categorically in the clause that it concerns the FCA; its acronym...

Financial Services Bill — Committee (4th Day) (Continued) (18 Jul 2012)

Lord Peston: As a matter of elementary logic, though, the Minister cannot wriggle away and say that the FCA is doing it some other way. This amendment is about consumer protection and the FCA must have regard to that. I would like an answer to why the Minister will not accept an amendment that says that the FCA must have regard to it in this specific way.

Financial Services Bill — Committee (4th Day) (Continued) (18 Jul 2012)

Lord Peston: My Lords, I very much agree with my noble friend Lady Hayter and with the noble Lord, Lord Flight, that competition is the best means of consumer protection. There are occasional counterexamples, but overwhelmingly that is what matters. However, it occurred to me while listening to the noble Lord's reply that I do not now know which is the primary body in dealing with competition in the...

Financial Services Bill — Committee (4th Day) (Continued) (18 Jul 2012)

Lord Peston: My Lords, I supplement what my noble friend Lord Barnett and others have said about the built-in risk of pretty well every financial instrument that one might acquire. This amendment is very much in line with that made earlier by the noble Lord, Lord Flight, on education. Therefore, again I must add my cautionary note that it is very hard to persuade people that the world is full of risk,...

Financial Services Bill — Committee (4th Day) (Continued) (18 Jul 2012)

Lord Peston: Is the noble Lord going to answer that first?

Financial Services Bill — Committee (4th Day) (Continued) (18 Jul 2012)

Lord Peston: My Lords, I am very sympathetic to the amendment and to what has been said by my noble friends. Unlike them, I am much less optimistic about what can be achieved, if anything. First, I will give the personal side. When I was at school, I was indebted, and have been indebted for the rest of my life, to my teachers for the guidance they gave me on the subjects that were taught in school. My...

Financial Services Bill — Committee (4th Day) (Continued) (18 Jul 2012)

Lord Peston: Sorry-Andrew Haldane. I am not good on these things. Names are one of my Alzheimer's problems. Mr Haldane says, in a typically short paragraph of his brilliant lecture: "This evolution in the topology of the network"- that is, the network of financial intermediaries- "meant that sharp discontinuities in the financial system were an accident waiting to happen. The present crisis is the...

Financial Services Bill — Committee (4th Day) (Continued) (18 Jul 2012)

Lord Peston: I have had a little experience of this. In my younger days in the Treasury we tried to persuade senior Treasury officials that capital investment projects ought to be dealt with by discounted cash flow. We were talking to senior officials who were brilliantly clever, but it was nearly impossible to teach them even about compound interest. When we had taught them compound interest, they had no...

Financial Services Bill — Committee (4th Day) (Continued) (18 Jul 2012)

Lord Peston: From what we know about the LIBOR scandal is it not valid to infer that, whoever these people engaging financial intermediation are, they are not a bunch of professionals? Is someone not going to have to be responsible for raising professional standards, or if not raising them then introducing them? I am surprised that the Government do not take this as seriously as they should.

Financial Services Bill — Committee (4th Day) (Continued) (18 Jul 2012)

Lord Peston: He is not alone.

Financial Services Bill — Committee (4th Day) (Continued) (18 Jul 2012)

Lord Peston: My Lords, I listened with enormous interest to the noble Baroness, Lady Kramer, and am sympathetic to what she said, but I cannot see how the amendment fits into this section of the Bill. If I have read it correctly, new Section 1D(2)(b) states that the integrity of the financial system includes, "its not being used for a purpose connected with financial crime". As I understand it, these...

Financial Services Bill — Committee (4th Day) (Continued) (18 Jul 2012)

Lord Peston: This sounds a bit like tax avoidance in a new version. If they separate the institution into two parts, they will then claim that there is a part that is not guilty. Is that the point of the amendment?

Financial Services Bill: Committee (3rd Day) (Continued) (10 Jul 2012)

Lord Peston: My Lords, one of our difficulties in discussing this matter is that no one has mentioned a specific macroprudential measure. We are discussing them totally in the abstract, so perhaps I might mention a couple and say why the positive approach might well be relevant. If we look back to the corrupt practices of the past on the part of financial intermediaries, I suppose the worst of them was...


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