Results 41–60 of 571 for speaker:Lord Sharkey

Subordinate Legislation: Transparency and Accountability - Question (21 Feb 2019)

Lord Sharkey: My Lords, we see too many skeleton Bills. The Healthcare (International Arrangements) Bill is the latest example and one of the very worst. These Bills force us to use secondary legislation scrutiny procedures for what should properly be in primary legislation and subject to amendment. Then there is the flood of Brexit SIs, many laid without proper impact assessments or consultations. We...

Public Record, Disclosure of Information and Co-operation (Financial Services) (Amendment) (EU Exit) Regulations 2019 - Motion to Approve (18 Feb 2019)

Lord Sharkey: We support this statutory instrument, but I have a couple of quick questions. In paragraph 2.7, the EM notes that: “In certain exceptional instances, a similar requirement to seek consent from the originating regulator applies where the confidential information originated from a third-country regulatory authority”. That seems a little opaque. I could not find anywhere in the SI what these...

Official Listing of Securities, Prospectus and Transparency (Amendment etc.) (EU Exit) Regulations 2019 - Motion to Approve (18 Feb 2019)

Lord Sharkey: My Lords, I can be very brief. I declare an interest as chair of the Hansard Society, which is almost as obsessed with the effective scrutiny of secondary legislation as the noble Lord, Lord Adonis, is. I agree with everything that the noble Lord, Lord Davies of Stamford, has said about scrutiny, but I also have no objection to this SI per se. After listening to the exchanges, I understand...

Equivalence Determinations for Financial Services and Miscellaneous Provisions (Amendment etc) (EU Exit) Regulations 2019 - Motion to Approve (18 Feb 2019)

Lord Sharkey: My Lords, the equivalence SI shares the same consolidated impact assessment with the next three SIs. I am grateful that this was published in advance of today’s debate and was available in good time in the Printed Paper Office. That is a significant and welcome improvement on last week’s lamentable performance. I would have preferred individual impact assessments, rather than this...

Equivalence Determinations for Financial Services and Miscellaneous Provisions (Amendment etc) (EU Exit) Regulations 2019 - Motion to Approve (18 Feb 2019)

Lord Sharkey: I am grateful for that intervention. The short answer to the final question is: no, I do not. I shall try to be slightly less kind as I move on. Paragraph 52 of the consolidated impact assessment notes that each of the SIs covered, “contains provisions with indefinite effect and this is the majority of the content. For this reason, we have concluded that the standard 10 year appraisal...

Financial Services (Implementation of Legislation) Bill [HL] - Third Reading (6 Feb 2019)

Lord Sharkey: My Lords, very briefly, I should like to ask the Minister a question to do with the in-flight EU prospectus regulation, which has passed all its legislative stages but has not yet been gazetted, as I understand it, and so cannot be treated as settled legislation and is therefore treated in the Bill under the amendment provisions in Clause 1(2)(b). If the legislation is gazetted while the Bill...

Financial Services (Implementation of Legislation) Bill [HL] - Report (29 Jan 2019)

Lord Sharkey: My Lords, we welcome all the government amendments to the Bill. We particularly welcome Amendment 1, which greatly improves the Bill’s structure and clarity. As we pointed out in Committee, it was not helpful to try to deal with two different categories of legislation via one mechanism. Amendment 1 puts that right. Proposed new subsection (lA)(a) deals with settled EU legislation now in...

Education: Treating Students Fairly (Economic Affairs Committee Report) - Motion to Take Note (16 Jan 2019)

Lord Sharkey: My Lords, I declare an interest as a member of council at UCL. I am also a member of the Economic Affairs Committee, which produced the report. The issues that our report addressed, which will be addressed by the Philip Augar review, are critical to the maintenance of a healthy and successful system for post-18 education. Given the limited time available, I shall expand on only a few of...

Financial Services (Implementation of Legislation) Bill [HL] - Committee (1st Day) (8 Jan 2019)

Lord Sharkey: My Lords, I am very grateful for the Minister’s answer and look forward to what may be several meetings between now and Report. As the last speaker tonight, I hope that the Committee will allow me to make a very quick, general observation. As I listened to the debates today, it seemed to me that there was a real, structural problem with the Bill. It sets out to do two things: first, to...

Financial Services (Implementation of Legislation) Bill [HL] - Committee (1st Day) (8 Jan 2019)

Lord Sharkey: My Lords, given the debate so far I can be very brief. If the Bill proceeds as currently drafted, it will enable the Treasury to create a new set of laws and policies for our financial services industry, all via secondary legislation. These new laws and policies will not have been exposed to proper parliamentary scrutiny and will not have been amendable. This stands in extreme contrast to the...

Financial Services (Implementation of Legislation) Bill [HL] - Committee (1st Day) (8 Jan 2019)

Lord Sharkey: In the light of the Minister’s very informative response, for which I am very grateful, I am delighted to be able to withdraw the amendment. Amendment 17 withdrawn. Clause 2 agreed. Schedule

Financial Services (Implementation of Legislation) Bill [HL] - Committee (1st Day) (8 Jan 2019)

Lord Sharkey: My Lords, at Second Reading, I asked the Minister how the specified in-flight files contained in the Schedule were chosen. He replied: “Those are the files that we believe will be the most important for market functioning and UK competitiveness in a no-deal scenario. Those in-flight files not listed on the face of the Bill include those that apply only to eurozone members, which we would...

Financial Services (Implementation of Legislation) Bill [HL] - Committee (1st Day) (8 Jan 2019)

Lord Sharkey: It seems the Minister has relied heavily in his responses on Clause 1(1)(a) by using this to demonstrate that there is really a tight restriction on what kind of things can be done by Clause 1. But he has not at all mentioned Clause 1(1)(b), which in many ways is the root of the problem because it contains the word “adjustments” and the phrase “consider appropriate”. To many of us,...

Financial Services (Implementation of Legislation) Bill [HL] - Committee (1st Day) (8 Jan 2019)

Lord Sharkey: My Lords, I shall speak to Amendment 3. At Second Reading, there was much discussion of the wide powers that the Bill gives to the Treasury via secondary legislation. All the amendments in this group deal with that issue. Clause 1 contains clear Henry VIII powers. It allows the Treasury to make policy and new laws entirely by means of statutory instrument. It even allows such new laws to be...

Gatwick Airport - Private Notice Question (20 Dec 2018)

Lord Sharkey: My Lords, I think most people will be absolutely astonished that we are unable to locate the drone operators or remove the drones. Can the Minister say what rehearsals were carried out for such a drone incursion?

Non-Contentious Probate (Fees) Order 2018 - Motion to Approve (18 Dec 2018)

Lord Sharkey: My Lords, I will not join in the discussion about what is or is not a Conservative principle, but it is clear that this measure is in fact highly contentious, drafted as it is by the irony division of the Ministry of Justice. Its 2016 predecessor was also highly contentious, as it attempted to impose probate fees of up to £20,000. The consultation response, which has not so far been...

Financial Services (Implementation of Legislation) Bill [HL] - Second Reading (4 Dec 2018)

Lord Sharkey: My Lords, this very brief Bill has a perfectly reasonable objective, which we support. It makes obvious sense to deal with the in-flight files relating to financial services against the possibility that we crash out of the EU on 29 March. I entirely accept that we need to ensure the functioning of our statute book against the possibility of a chaotic exit from the EU. I entirely accept that...

Mortgages: Cerberus - Question (28 Nov 2018)

Lord Sharkey: To ask Her Majesty’s Government what action they intend to take to ensure that those holding mortgages sold by UK Asset Resolution to Cerberus receive a fair deal, and are able to access good value fixed rate mortgages.

Mortgages: Cerberus - Question (28 Nov 2018)

Lord Sharkey: My Lords, after Northern Rock went bust, many of its mortgages were sold by UK Asset Resolution to Cerberus, an American hedge fund not authorised by the FCA. At the time, UK Asset Resolution said that returning those borrowers to the private sector would mean that they would be offered new deals, extra lending and fixed rates. This was completely untrue. Instead, about 100,000 borrowers...


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