Banking

House of Lords written question – answered on 31st October 2011.

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Photo of Lord Stoddart of Swindon Lord Stoddart of Swindon Independent Labour

To ask Her Majesty's Government what is their assessment of the speech by Lord Turner of Ecchinswell to a banking conference in Southampton in which he advocated regulators taking control of commercial decision-making by the banks.

Photo of Lord Sassoon Lord Sassoon The Commercial Secretary to the Treasury

Lord Turner is the chairman of the Financial Services Authority board and a member of the interim Financial Policy Committee. These bodies are independent of Government.

The Government's proposals for financial regulatory reform, including the possible use of new macroprudential tools to protect and enhance financial stability, were published in a White Paper and draft Bill on 16 June. These are currently subject to pre-legislative scrutiny by a Joint Committee of Parliament.

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