Results 141–160 of 174 for speaker:Lord Sharman

Financial Services and Markets Bill (30 Mar 2000)

Lord Sharman: Perhaps the Minister can clarify this matter. It is surprising that the FSA cannot maintain such records. It must know who these individuals are as it is responsible for approving them. Professional bodies do not seem to find it a great problem, so I cannot believe that it is insurmountable.

Financial Services and Markets Bill (30 Mar 2000)

Lord Sharman: I was about to say that, having listened very carefully to the contributions of noble Lords in this short debate, for which I am grateful, nevertheless I want to consider the matter. We shall look carefully at the situation before perhaps we return to it on Report. Meanwhile, I beg leave to withdraw the amendment.

Financial Services and Markets Bill (30 Mar 2000)

Lord Sharman: I am grateful to the Minister for his reply. He adequately summarised my anxieties by saying that I am more concerned about the perception of independence than the actual activity of those charged with the duty of performing the role of ombudsman. We have touched on this matter in previous debates on the Bill. The purpose of legislation is not to provide for those who are carrying out the job...

Financial Services and Markets Bill (30 Mar 2000)

Lord Sharman: moved Amendment No. 247: Page 258, line 23, after ("Authority") insert ("and the Treasury").

Financial Services and Markets Bill (30 Mar 2000)

Lord Sharman: In rising to move Amendment No. 247 I should like to speak also to Amendments Nos. 248 and 249. This group of amendments concerns the establishment of the ombudsman scheme. Earlier this week the Minister told us that when he awoke in the middle of the night he frequently searched for words or phrases to improve the Bill. He may wish to know that when I wake in the middle of the night thinking...

Financial Services and Markets Bill (21 Mar 2000)

Lord Sharman: I should like to ask the Minister to clarify a couple of matters. I endorse his remarks in terms of the importance of sponsors and the critical role they play in listing securities. For that reason, it is critically important that the acceptance or removal of the right to operate as a sponsor is as important as many of the other regulatory actions that the FSA may take under the Bill. I...

Financial Services and Markets Bill (21 Mar 2000)

Lord Sharman: I am rather confused by Amendment No. 171. If the Bill creates the FSA as the competent authority for listing, which I understand is required by the European listing directive, I am at a loss to understand why it is necessary to insert this clause. All the provisions of this clause are covered in Clause 2, which places a duty on the authority in carrying out its general functions. If it were...

Financial Services and Markets Bill (21 Mar 2000)

Lord Sharman: Will the Minister answer the point on competition which I raised?

Financial Services and Markets Bill (21 Mar 2000)

Lord Sharman: I support the principle of the amendment, although I wonder whether it goes far enough. As the noble Lord, Lord Lipsey, said, demonstrating a commitment at a point in time is difficult enough. What does one do? One says "Yes, I am going to do it" and then one signs a piece of paper. Many professional bodies now require their members to demonstrate that they have maintained what is commonly...

Financial Services and Markets Bill (21 Mar 2000)

Lord Sharman: I support these amendments. I am not a lawyer and I do not wish to embark upon any form of legal argument. However, I believe that these are important amendments in terms of establishing confidence in the market-place in the activities of the FSA. Where an authorised person can be accused of misbehaviour, it is vitally important, in terms of maintaining confidence in the regulator and...

Financial Services and Markets Bill (20 Mar 2000)

Lord Sharman: Sadly, that was a false dawn. I am in a state of total confusion. I really do not understand what the Minister has been saying to us. I wish to reserve my position until I have had an opportunity to read in detail in Hansard what he said. I make two observations which struck me as he was making his remarks. Clearly, the noble Lord does not consider that a caravan can be a home, which it is to...

Financial Services and Markets Bill (20 Mar 2000)

Lord Sharman: moved Amendment No. 97: Page 9, line 16, leave out subsection (1) and insert-- ("(1) An activity is a regulated activity for the purposes of this Act if it is-- (a) an activity of a specified kind which is carried on by business and-- (i) relates to an investment of a specified kind; or (ii) in the case of an activity of a kind which is also specified for the purposes of this paragraph, is...

Financial Services and Markets Bill (20 Mar 2000)

Lord Sharman: In rising to move Amendment No. 97 I should like to speak also to Amendments Nos. 100 to 102. This group of amendments deals with mortgages. As the Committee will be aware, this matter was added at a rather late stage in the passage of the Bill through another place. I am somewhat hopeful that at this stage in the proceedings the recently found flexibility of "Dr No" on the Government Front...

Financial Services and Markets Bill (20 Mar 2000)

Lord Sharman: I have listened with great interest to noble Lords batting the argument back and forth, if I may say so. The purpose of the amendment was, as I said, to get a clearer view as to what comprises practitioners. I am conscious that the Bill, as presently drafted, deals with the practitioner panel using the words, "to represent the interests of practitioners". I am conscious of the words that the...

Financial Services and Markets Bill (20 Mar 2000)

Lord Sharman: moved Amendment No. 70: Page 4, line 5, leave out ("practitioners and consumers") and insert ("authorised persons, consumers and other practitioners").

Financial Services and Markets Bill (20 Mar 2000)

Lord Sharman: In moving Amendment No. 70, I wish to speak also to Amendment No. 72. This group consists very much of probing amendments, designed to establish in a broad term what comprises "practitioners" and the manner of their consultation. As it stands, the Bill requires the FSA to consult only with practitioners and consumers. The term "consumers" is defined for these purposes in Clause 9(7), but the...

Financial Services and Markets Bill (20 Mar 2000)

Lord Sharman: In rising to support these amendments, I should like to develop the thought introduced by the noble Lord, Lord Lipsey, that this is an issue of balance. The amendment seems to suggest that in Clause 5(2)(d)the balance of responsibility has moved too far towards the consumer and away from the provider. We see that as particularly important, because financial services are complex. They are...

European Union (Implications of Withdrawal) Bill [H.L.] (17 Mar 2000)

Lord Sharman: My Lords, I welcome the opportunity to follow the noble Lord, Lord Willoughby de Broke, and perhaps help him a little in understanding some of the business views that he so graphically misrepresented. I am deeply concerned about the effect the Bill might have on business and the business community. The risks for business of withdrawal are very significant. Even the risks of a threat of...

European Union (Implications of Withdrawal) Bill [H.L.] (17 Mar 2000)

Lord Sharman: My Lords, I am happy to do that. The English language is a critical part of that mix, but it is only one part. Membership has also led to the scrapping of certain bureaucracies. I know that it is popular to point to Brussels and the excess of forms. But it is certainly clear that the Customs Union has resulted in major savings, probably in the order of £135 million to £140 million. In...

Financial Services and Markets Bill (16 Mar 2000)

Lord Sharman: I found the Minister's response to the amendment totally unsatisfactory. If the arguments that have been arraigned on his side of the House and by others in this debate have any validity at all, they apply to anyone carrying out the functions of the authority. All the amendment seeks is to extend that immunity to people properly appointed by the authority to carry out its functions on its...


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