Results 21–40 of 273 for speaker:Lord Brennan

Financial Services (Banking Reform) Bill — Third Reading (9 Dec 2013)

Lord Brennan: My Lords, I support this amendment. The debate on anti-money-laundering that we have undertaken during the course of this Bill has led the Treasury and government Ministers to send colleagues and me a number of letters and documents. This was extremely courteous and informative—but legislatively useless. The noble and learned Lord, Lord Steyn, once described this kind of material as an...

Financial Services (Banking Reform) Bill — Third Reading (9 Dec 2013)

Lord Brennan: My Lords, the present amendments fortify Part 4 by creating a comprehensive structure for conduct, standards, licensing and so on. Third Reading is an appropriate time for the Minister to clarify how in this structure directors, including the chairman of a bank, bear responsibility for the fulfilment of Part 4 as regards conduct and standards. Amendment 9 talks about: “Vetting by relevant...

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

Lord Brennan: My Lords, the most reverend Primate has spoken with great force and clarity about matters of considerable moment to our society in a speech that will no doubt inspire the noble Lord, Lord Carrington in his maiden speech. We owe a deep sense of gratitude here in Parliament, here from the Government and outside from the public for the work of this parliamentary commission on banking standards,...

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

Lord Brennan: Will the Minister clarify, first, his reference to the Delegated Powers and Regulatory Reform Committee? Was its response made in writing, has it been published, and is it available in the Printed Paper Office? Secondly, and much more important, is that as his research appears to have been done, can he clarify whether on any previous occasion this power has actually led to the amendment of...

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

Lord Brennan: Would it be possible for the Minister to confirm that because I asked specifically in the Printed Paper Office for all the relevant paperwork about this, and I was not given any report.

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

Lord Brennan: My Lords, this amendment raises an issue of parliamentary importance well beyond the scope of the Bill. Clause 124 is a Henry VIII clause. Its contents involve the usual provision to make consequential amendments following the enactment of the Bill. My amendment is expressly related to the additional power the clause gives to amend subsequent legislation passed in this House in the same...

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

Lord Brennan: My Lords, I congratulate the Minister on his patience and courtesy in always being the Minister to answer my criticisms of the Bill. The patience and courtesy with which he meets my generosity in this regard fairly ought to be shared at some stage by the noble Lord, Lord Deighton. The purpose of the amendments is to raise with the House and the Government two broad questions: first, on the...

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

Lord Brennan: My Lords, listening to the exposition of the Minister leads an experienced lawyer to think that those were the kinds of arguments that would make for an entertaining tutorial at university and deprive the participants of any career at the criminal Bar, because they simply would not know what they were talking about in terms of what a judge and jury would expect by way of argument. I am sorry...

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

Lord Brennan: My Lords, in moving this amendment I am gratified to see so few people in the Chamber. I drafted two amendments in this area of the Bill and found to my astonishment that the Public Bill Office had converted them into 10. The excess is not due to lowly endeavour. Their quantity does not overcome their simplicity, which is designed to improve the drafting of this section; the section creates a...

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

Lord Brennan: My Lords, first, I had a meeting with officials from the Treasury, the content of which was, in short form, declaratory and, in long form, advisory. It was declaratory when I explained to them that I and my colleagues with whom I am working on this problem were convinced that these amendments were necessary and that the Treasury officials and the Home Office man who was there should revise...

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

Lord Brennan: My Lords, I declare an interest, as I have done before, as chairman of Global Financial Integrity. In Committee, the Minister, the noble Lord, Lord Newby, said: “The scale of money-laundering is very large, and the Government and the regulators are determined to cut it down”.—[ Official Report, 15/10/13; col. 406.] The phrase “cut it down” was prudently chosen. Money-laundering, in...

Tackling Corporate Tax Avoidance: EAC Report — Motion to Take Note (30 Oct 2013)

Lord Brennan: My Lords, I congratulate the noble Lord, Lord Leigh, on a maiden speech of elegance and economy. It is a remarkable example for his fellow accountants. I also commend the Economic Affairs Committee on the high quality of this report. It applies clarity to the complex and gives its recommendations succinctly and to the point. It should be required reading—where necessary, rereading—for...

Financial Services (Banking Reform) Bill: Committee (3rd Day)(Continued) (23 Oct 2013)

Lord Brennan: My Lords, it is the end of the legislative day in an empty Chamber. This is an extremely important amendment. It is what the noble and learned Lord, Lord Judge, our previous Lord Chief Justice, now on our Cross Benches, would have described, as he did in a speech in the City, as a “Henry VIII Plus” clause because it is so wide-ranging. I want to make several points for the Government’s...

Financial Services (Banking Reform) Bill: Committee (3rd Day)(Continued) (23 Oct 2013)

Lord Brennan: My Lords, perhaps I may take up the points raised by the noble Baroness, Lady Noakes. Paragraph (a) of the proposed new clause refers to a “fiduciary duty” by the ring-fenced body. In practical terms that means a duty exercised by, ultimately, the board of directors. The body acts through it. The practical consequences of such a duty, which does not involve enforceability by the...

Financial Services (Banking Reform) Bill: Committee (3rd Day)(Continued) (23 Oct 2013)

Lord Brennan: My Lords, I support the amendment because it recognises the obligation of society to protect and deal justly with people who report serious wrongdoing, often at personal cost. The 1998 Act recognises that in its statutory effect. This modest amendment is designed to deal with the relationship between the whistleblower and his employer in relation to an employment claim. I invite the House to...

Financial Services (Banking Reform) Bill: Committee (3rd Day) (23 Oct 2013)

Lord Brennan: My Lords, Mr Andrew Tyrie, the chairman of the Parliamentary Commission on Banking Standards, described leverage ratio as, “the single most important tool to deliver a safer and more secure banking system”. In their reply last July, the Government accepted this importance. Indeed at paragraph 5.50, they plainly stated that in the future the FPC should determine the ratio, provided that it...

Financial Services (Banking Reform) Bill: Committee (2nd Day) (15 Oct 2013)

Lord Brennan: My Lords, I raise the question briefly about recklessness for the Government to consider. Let us suppose a senior manager reports to a chief executive officer saying, “I want to tell you about the following risks that would arise if decision A,B or C is taken”. The CEO is of the imperial kind and tells him not to waste his time, that he is not interested in risk, and to get on with it and...

Financial Services (Banking Reform) Bill: Committee (2nd Day) (15 Oct 2013)

Lord Brennan: My Lords, I am grateful to the Minister for telling us that he will write in due course about the matters that I raised. If the Committee will forgive me for using a graceless Americanism, we are not talking about legislative refinement—this is hardball. It is serious stuff out there in the commercial world. I reassure the noble Baroness, Lady Noakes, that I have assumed that...

Financial Services (Banking Reform) Bill: Committee (2nd Day) (15 Oct 2013)

Lord Brennan: My Lords, I will deal briefly with these amendments concerning the creation of an offence in relation to a decision that results in bank failure. The amendments are designed to test the definitional value of the present clause, and work on the realistic expectation that once this becomes statute there will be a very much reduced prospect of people committing such an offence, particularly if...

Financial Services (Banking Reform) Bill: Committee (2nd Day) (15 Oct 2013)

Lord Brennan: My Lords, I speak to the amendments in my name and in those of the noble Lords, Lord McFall and Lord Watson. I declare an interest as chairman of Global Financial Integrity. It is a Washington-based think tank whose purpose is to promote measures designed to limit and eventually eradicate illicit financial flows around the world, in particular those from developing countries, which presently...


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