Results 161–180 of 2452 for speaker:Lord Phillips of Sudbury

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

Lord Phillips of Sudbury: I am sorry to interrupt my noble friend again but it is important for the House to know a little more about this public consultation. I suspect that not one single person here tonight is aware that there is a consultation out there and that it is closing in a matter of a few days. Can the Minister tell us how widely this has been advertised, because it is news to me?

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

Lord Phillips of Sudbury: My Lords, Amendments 98A and 98B stand in my name. They seek to tease out a little more detail in relation to the amendment just moved by the noble Lord, Lord McFall, on whistleblowing. I say at once that I am wholly in favour of that amendment. The position of whistleblowers in our country is not satisfactory. Amendment 98 would widen the portal to offer assistance and compensation for...

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

Lord Phillips of Sudbury: My Lords, I commend the mover of the amendment, the noble Lord, Lord Turnbull. If, as I assume, this matter is brought back at Report, I should like to raise two questions. The first concerns the fact that the code is to be solely the responsibility of the FCA and the PRA. I wonder whether it should have a broader base than that. The City is a real bubble. The two authorities are part of that...

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

Lord Phillips of Sudbury: My Lords, I, too, support the amendment. I moved Amendment 91B at the close of our second day in Committee, which overlapped to a considerable extent with this amendment. In my amendment, I also talked about looking at the cultural as well as economic effects of this mass of gambling, as it is, within the financial markets. I hope that the Government will smile upon this; it may be that if it...

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

Lord Phillips of Sudbury: My Lords, I am going to build on what has been said by the noble Lords, Lord McFall, Lord Barnett and Lord Hollick. Then I will make one suggestion in respect of Amendment 92, which I support. Comment has been made about the fact that the accountancy profession has got too concentrated for public benefit. It is altogether too cosily placed vis-à-vis the very largest banks and companies. The...

Transparency of Lobbying, Non-Party Campaigning and Trade Union Administration Bill: Second Reading (22 Oct 2013)

Lord Phillips of Sudbury: It might be beneficial for all of us if the Minister and his advisers were to say how far the Charity Commission guidelines fall short of what the Bill is intending to do. If there is no significant air between the two, we might all need to know that.

Transparency of Lobbying, Non-Party Campaigning and Trade Union Administration Bill: Second Reading (22 Oct 2013)

Lord Phillips of Sudbury: My Lords, I declare an interest as a charity lawyer of long standing and founder of the firm Bates Wells and Braithwaite, which does as much charity work as any firm in the country. I hope that the Minister will not be too dismayed by what I have to say. I do not view this as a partisan Bill; it is a Bill that all sides should, classically, deal with as they best think fit, as they are doing....

Transparency of Lobbying, Non-Party Campaigning and Trade Union Administration Bill: Second Reading (22 Oct 2013)

Lord Phillips of Sudbury: My Lords, I think that the Charity Commission can do the job. Perhaps I may read a couple of passages from CC9, which was mentioned by my noble friend Lord Ramsbotham and others. It is a long and detailed guidance for charities which has evolved over 40 or 50 years. I have been quite closely involved with it. It gives an absolutely well thought through, pragmatically based series of...

Transparency of Lobbying, Non-Party Campaigning and Trade Union Administration Bill: Second Reading (22 Oct 2013)

Lord Phillips of Sudbury: Does the noble Baroness not realise as a lawyer that this is a goldmine for lawyers?

Transparency of Lobbying, Non-Party Campaigning and Trade Union Administration Bill: Second Reading (22 Oct 2013)

Lord Phillips of Sudbury: I am sorry to interrupt the noble and right reverend Lord, because I agree with every word that he is saying. May I just shoot one canard? It has been raised more than once. Section 87(2)(c) of the 2000 Act says, “the provision by any individual of his own services which he provides voluntarily in his own time and free of charge”, shall not be controlled expenditure.

Elections: 16 and 17 Year-olds — Question (17 Oct 2013)

Lord Phillips of Sudbury: My Lords, I declare an interest as president of the Citizenship Foundation. Does the Minister accept that Parliament and successive Governments have failed young citizens in that we legislate madly and do not equip school leavers with the skills and knowledge necessary to be engaged in what is now a hugely complicated democracy? Will he review his reply to the noble Baroness, Lady Royall, in...

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

Lord Phillips of Sudbury: My Lords, I am grateful to the most reverend Primate and to the noble Lord, Lord McFall. However, I am not so grateful to my noble friend the Minister, as I thought that he rather missed the point. The fact that Tom, Dick and Harry can go down to the betting shop or the local casino, run up a debt and be sued for it has nothing whatever to do with the amendment that I propose tonight. As...

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

Lord Phillips of Sudbury: I am not sure whether I am supposed to say any more to the Minister except, “Thank you”. I thought that at the end he was arguing my case rather better than I was. I will certainly think between now and next time, and talk with him. I beg leave to withdraw the amendment. Amendment 91B withdrawn. House resumed.

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

Lord Phillips of Sudbury: My Lords, after 10.20 pm and with less than a dozen of us still hanging on, I shall be remarkably brief in moving this amendment, which I hope has the advantage of self-clarity. My starting point is the Financial Services Act 1986, which, as noble Lords will remember, ushered in big bang. Section 63 of and Schedule 1 to the 1986 Act exempted certain City dealing contracts from the effects of...

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

Lord Phillips of Sudbury: My Lords, there is an assumption that competition is essentially and necessarily good and that more competition is better. We have had manifest evidence in the past six years in the City—and indeed much longer than that— that there is a point at which competition turns in on itself. Indeed, the values of out-and-out aggressive competition are inimical to the values of integrity and...

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

Lord Phillips of Sudbury: My Lords, for the record, these amendments cover exactly 52 pages. The only other point I wish to make—I agree with the noble Lord, Lord Eatwell, here—is that, despite the payment system having its own regulator, new subsection (3) of government Amendment 60B states: “The FCA must take such steps as are necessary to ensure that the Payment Systems Regulator is, at all times, capable of...

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

Lord Phillips of Sudbury: My Lords, I commend the Government on bringing forward Amendment 58. It has been a source of great public disaffection that over the past few years the number of people in the City responsible for some really gross acts of criminality who have been brought to book could be measured on the fingers of two hands; indeed, the noble Lord, Lord Turnbull, referred earlier to the pathetic enforcement...

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

Lord Phillips of Sudbury: I do not think the Minister has adequately dealt with the point made by my noble friend Lady Noakes and partly by myself. Surely it is an inescapable point that if you say that someone has to cause the failure of a bank, that is a direct and hugely demanding test. If it had said instead that the decision significantly contributed to the failure of a bank then I think my noble friend and I...

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

Lord Phillips of Sudbury: My Lords, I support very much what the noble Lord, Lord Eatwell, has just said. We need a clear and authoritative report from my noble friend the Minister as to who is right between the noble Lord, Lord Brennan, who is a highly distinguished lawyer, and those who are advising my noble friend. If there is any doubt about the matter, I see virtue in the amendments put down in the names of the...

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

Lord Phillips of Sudbury: My Lords, if I may, I would add that my noble friend talked of being too slow, but in this debate several noble Lords have made the point that it is not slowness which has afflicted the large clearing banks but immorality. Whether you are talking about trying to manipulate the LIBOR rate or PPI or identity insurance—you can go on and on—there is the sheer scale, impersonality and lack of...


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