Results 141–160 of 2452 for speaker:Lord Phillips of Sudbury

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

Lord Phillips of Sudbury: Before the noble Lord sits down, why does he not propose extending his fiduciary liability to all banks rather than just the ring-fenced entities?

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

Lord Phillips of Sudbury: I thank the Minister for what he said. I am particularly pleased to hear him say that he will take up the two practical points made by the noble Lord, Lord Eatwell, which are entirely germane to the review that I was thinking of. That will be an important step forward. I am obviously disappointed that the Government will not go further, but I do not think that I can take the matter any...

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

Lord Phillips of Sudbury: My Lords, when this amendment was moved in Committee on 15 October there were 10 of us here at 10.20 pm. On that occasion my noble friend Lord Newby, summing up the debate, said that the amendment was superfluous, might have problems with EU law; and was, “not proportionate or objectively justified”.—[ Official Report , 15/10/13; col. 528.] I shall endeavour to briefly answer those...

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

Lord Phillips of Sudbury: Yes. I want to see, and I think that this may commend itself to the House, a cool look at just what the consequences are beyond the merely financial—you can scarcely use “merely” in terms of the numbers concerned. In Committee, I tried to remember a quote from John Maynard Keynes in 1936, when this type of trade was trivial when compared with today. He stated in his great book, The...

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

Lord Phillips of Sudbury: I will do my best to explain. Let us consider Merrill Lynch. It cornered, it is estimated, 50% to 80% of the world’s copper in a series of purchases last year, I think it was. That was pure gaming. It was not to satisfy any of its customer needs; it saw potentially vast gains in moving into the world copper market and simply buying it up. Can you imagine: 50% to 80% of all the world’s...

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

Lord Phillips of Sudbury: My Lords, first, is my noble friend quite certain that the Interpretation Act 1978 does not itself operate subject to the context of the language which is being interpreted? If that is so, I believe that there will be real ambiguity about this clause because, as I say, the law is construed strictly in favour of the accused. Secondly, does he accept that in a clause like this, to rely on the...

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

Lord Phillips of Sudbury: My Lords, my name is on the 18 amendments in this group and I am the sole signatory on eight of them. I endorse entirely what the noble Lord, Lord Brennan, said. He speaks from great experience, which is of great help to the House. One of the scandals—I think one can fairly use that word—of the past five years in terms of financial failings has been the extreme paucity of prosecutions for...

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

Lord Phillips of Sudbury: My Lords, I support Amendments 21 and 51 as strongly as I can. We all know that the vast majority of people in the City of London and other financial centres are decent people who try to do good rather than bad, but the system of which they are part has been largely stripped of its ethical underpinning. Although you cannot inculcate morality by statute law, you can at least provide support...

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

Lord Phillips of Sudbury: I hate to interrupt the noble Lord but I cannot resist saying that, unfortunately, the training of solicitors at this time does not involve rigorous ethical training. In fact, it involves little ethical training at all.

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

Lord Phillips of Sudbury: My Lords, surely there is no more important issue in relation to this banking situation than whether to go with ring-fencing or with separation—we have had that very clearly debated today. The noble Baroness, Lady Cohen of Pimlico, raised an issue in relation to that, which my noble friend the Minister placed some emphasis on in responding earlier, as he did at the last stage of this...

Church of England: Holistic Missions — Motion to Take Note (21 Nov 2013)

Lord Phillips of Sudbury: My Lords, I do not know whether one should declare an interest in a debate of this kind, but I am a lifelong if doubting Anglican and an occasional Quaker attender. I thank the right reverend Prelate the Bishop of Leicester for inaugurating this debate. It is a useful one to have. One must thank ResPublica for its report because it is stimulating and useful. I welcome to today’s debate the...

Power of Attorney — Question (11 Nov 2013)

Lord Phillips of Sudbury: My Lords, I am taking my life in my hands a bit by confronting the two noble Baronesses but, as an old solicitor, I wonder if my noble friend Lady Trumpington has taken account of the fact that the piece of paper that she so rightly said she could sign and waft off is still available to her. She can still go to a stationer and buy a general power of attorney for a pound, and that is all that...

Energy Bill — Report (3rd Day) ( 6 Nov 2013)

Lord Phillips of Sudbury: My Lords, I will comment briefly on this clause because in my life hitherto I have spent a great deal of time trying to help the great British public understand some of the contracts that have come their way. I am afraid to say—and I do not think anyone in the House will disagree—that a good deal of cynicism has been employed by some of the very large energy suppliers, and indeed other...

Taxation: Tax Law Enforcement — Question (30 Oct 2013)

Lord Phillips of Sudbury: To ask Her Majesty’s Government how they will enable those who enforce the tax laws to accomplish their tasks better.

Taxation: Tax Law Enforcement — Question (30 Oct 2013)

Lord Phillips of Sudbury: My Lords, at a time when decent Brits are struggling to pay their full taxes, is it not wholly counterproductive that many of our richest citizens and companies are evading and avoiding tens of billions of pounds in taxation? According to the HMRC calculation, every extra pound spent on enforcement resources yields £10 to £30. Although the statistics are encouraging, surely we should be...

EU Council — Statement (28 Oct 2013)

Lord Phillips of Sudbury: My Lords, will my noble friend say a word more about trust in politics as he very wisely referred to it early on in the Statement. It does seem to many here today that there is a slow but very worrying creep of disaffection across Europe with democratic politics. There can be no more signal demonstration of the cynicism that exists in some parts of the political establishment at the very...

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

Lord Phillips of Sudbury: My Lords, the noble Lord, Lord Eatwell, asked an extraordinary question because there is no more onerous duty than the fiduciary duty. It is a novel and maybe a highly effective way of dealing with a great many of the concerns that have occupied this House over the last few days in Committee. An important part of the amendment is that the core activities and services are subject to a...

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

Lord Phillips of Sudbury: I thank the noble Lord.

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

Lord Phillips of Sudbury: I hesitate to interrupt my noble friend at this time of night, but there is an important issue in relation to what he said that needs clarification. He said a couple of times that the relationship between a bank and its customer is a contractual one, and therefore that that was sort of QED. The problem is that until not long ago all banks, in the small print of their contracts, which they...

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

Lord Phillips of Sudbury: My Lords, I should quickly make clear that the whistleblowing charity, Public Concern at Work, is not mine; I was merely the lawyer who set it up. However, it does wonderful work. I am delighted to hear that there is a public consultation. I am very anxious indeed that it may not have reached the parts that it should have reached. I ask the Minister if it possible for him to look into that...


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