Results 301–320 of 368 for (in the 'Commons debates' OR in the 'Westminster Hall debates' OR in the 'Lords debates' OR in the 'Northern Ireland Assembly debates') speaker:Lord Saatchi

Financial Services and Markets Bill (30 Mar 2000)

Lord Saatchi: We had thought that it might not be necessary to move this amendment in view of later government Amendments Nos. 275L and 275M which propose new clauses setting out the procedure regarding third party rights. However, we have had another look at the new clauses and we believe that it may be necessary after all to table amendments to the new clause introduced by Amendment No. 275L to achieve...

Financial Services and Markets Bill (30 Mar 2000)

Lord Saatchi: I beg leave to withdraw the amendment.

Financial Services and Markets Bill (30 Mar 2000)

Lord Saatchi: I am genuinely curious about the nomenclature of amendments. I wish to understand for my own benefit, having little experience of such matters, why it is necessary to have such complicated designations. They are almost impossible to follow and the confusion felt by members of the Committee testifies to that. Perhaps the Minister can shed some light on the matter. Amendment No. 254S worries us...

Financial Services and Markets Bill (30 Mar 2000)

Lord Saatchi: I am grateful to all noble Lords who have spoken in this short debate about the ombudsman. His role is probably one of the most important aspects of this Bill. Therefore, we shall want to come back to this issue on Report. The noble Lord, Lord Sharman, made some very interesting points as regards the ombudsman in relation to a previous group of amendments. I am grateful to noble Lords who...

Financial Services and Markets Bill (30 Mar 2000)

Lord Saatchi: How can the Minister say that there is no bias? The two parties who come before the ombudsman--namely, the authorised person and the complainant--do not have the same rights. Therefore, bias is built into the structure of the Bill. Nevertheless, I shall not delay the Committee any longer. We shall return to this matter on Report. I am grateful for what noble Lords have said. I beg leave to...

Financial Services and Markets Bill (30 Mar 2000)

Lord Saatchi: moved Amendment No. 250ZA: Page 114, line 13, leave out subsection (2) and insert-- ("(2) The Ombudsman shall only make a determination in favour of a complainant where he is satisfied that the respondent has breached either or both of-- (a) the Authority's general rules; (b) any relevant provision of the law.").

Financial Services and Markets Bill (30 Mar 2000)

Lord Saatchi: In moving Amendment No. 250ZA, I wish to speak also to the other amendments in our names in this group. It is also my pleasure to be able to tell the Committee that I believe that the super-ombudsman himself, Walter Merricks, is in the Chamber to hear our debate about his role. I start by examining certain aspects of the workings of the ombudsman scheme. I believe that it might be of help to...

Working Families: Tax Burden (30 Mar 2000)

Lord Saatchi: My Lords, can the Minister confirm that the Government's tax receipts last year and this year have risen by three times the rate of inflation, by three times the rate of wage increases, and by three times the rate of increase in GDP? Can he tell the House why?

Financial Services and Markets Bill (27 Mar 2000)

Lord Saatchi: I thank the Minister very much for dealing with a large part of our concern.

Financial Services and Markets Bill (27 Mar 2000)

Lord Saatchi: moved Amendment No. 233F: Page 71, line 42, after ("information") insert ("relevant to the investigation").

Financial Services and Markets Bill (27 Mar 2000)

Lord Saatchi: This is a relatively minor amendment. It is simply intended to qualify the power of the Director-General of Fair Trading in obtaining information for the purposes of an investigation being carried on by him. The amendment would require the information requested by the director-general and the notice referred to in Clause 152(3) to be information relevant to the investigation. I beg to move.

Financial Services and Markets Bill (27 Mar 2000)

Lord Saatchi: I am grateful to my noble friends for making somewhat better than I did the point I sought to make. Having listened to the Minister I am even more of the belief that we should test the opinion of the Committee on this matter. I agree that these amendments would place an onerous obligation on the FSA to carry out these cost benefit analyses at regular intervals; and that the FSA would not...

Financial Services and Markets Bill (27 Mar 2000)

Lord Saatchi: moved Amendment No. 231YA: Page 68, line 6, after ("2;") insert-- ("( ) a statement of the extent to which the Authority has taken into account the matters in section 2(3) in making the proposed rules;").

Financial Services and Markets Bill (27 Mar 2000)

Lord Saatchi: In moving this amendment, I shall speak also to Amendment No. 231ZA. The Committee will note that, in addressing Amendment No. 231YA, I shall follow the path of the noble Baroness, Lady Turner, in wanting to see spelt out on the face of the Bill for the absence of doubt a matter that I in my case and the noble Baroness in her case think is of great importance. The background to the amendment...

Financial Services and Markets Bill (27 Mar 2000)

Lord Saatchi: My Lords, the Minister proposes that we should now go into Committee. The House should be aware that we have some difficulty with this. There is deep concern on these Benches in relation to the conduct of this Bill through this House. This Bill changes the face of regulation of Britain's most successful industry. The Government take the view that this Bill is the best of all possible Bills in...

Financial Services and Markets Bill (21 Mar 2000)

Lord Saatchi: That is true, on the definitions of "market abuse" that are contained in the Bill. I believe that it is nevertheless relevant to consider what they said. Our argument is that we are not convinced that what has been put there to deal with those points has achieved that which was required. In other words, the problem remains that the scope of the application of these clauses is too wide. So...

Financial Services and Markets Bill (21 Mar 2000)

Lord Saatchi: Earlier, my noble friend Lord Peyton said that the Opposition Front Bench had shown restraint during the Committee stage today, and I was pleased to hear that.

Financial Services and Markets Bill (21 Mar 2000)

Lord Saatchi: My noble friend congratulated the Front Bench on showing restraint. I was pleased to hear him say that and I thank him. It is true. As we said at the beginning of this Committee stage, we do not see a party-political advantage in the Bill and we have tried to operate in that way. But we now come to something that is of fundamental and deep concern to our Benches. My noble friend Lord...

Financial Services and Markets Bill (21 Mar 2000)

Lord Saatchi: The noble Baroness, Lady Turner, described her aim well and I can see what her amendment aims at. However, when I read it, it suggested something different; that if requested to do so by the FSA, authorised persons would have to prepare a report only up to their regulatory breaches. The difficulty might be in the drafting. As it stands, the scope of the report which will be prepared under...

Financial Services and Markets Bill (21 Mar 2000)

Lord Saatchi: We have some concerns about this amendment. In order to move forward, I wish to make a suggestion about it because, as Members of the Committee have said, the principle behind it is admirable. In order to explain the suggestion, perhaps I may address some of our concerns about Clause 60 in general. One of our concerns is that Clause 60 appears to take over the responsibilities of firms and to...


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