Financial Services and Markets Bill
Debate between Baroness Hayter of Kentish Town and Lord Moylan
Committee stage
Monday 13th March 2023
Read Full debate Financial Services and Markets Act 2023 View all Financial Services and Markets Act 2023 Debates Read Hansard Text Read Debate Ministerial Extracts Amendment Paper: HL Bill 80-VIII Eighth marshalled list for Grand Committee - (9 Mar 2023)
Monday 13th March 2023
(1 year, 11 months ago)
Grand CommitteeRead Full debate Financial Services and Markets Act 2023 View all Financial Services and Markets Act 2023 Debates Read Hansard Text Read Debate Ministerial Extracts Amendment Paper: HL Bill 80-VIII Eighth marshalled list for Grand Committee - (9 Mar 2023)
Baroness Hayter of Kentish Town (Lab)
I am sorry, but the Minister said that we are a leading member of the Financial Action Task Force. It has been enabled to take councillors out; it is very hard to imagine that Members of this House could not be.
Lord Moylan (Con)
I know the answer to this. It is because the FCA said in 2017 that a council was not a parliament or similar body. Those words appear in the task force recommendation. By declaring that a council was not a parliament or a similar body, members of councils immediately fell out of the regulatory scope by virtue of the guidance as it was changed at that time.