Financial Services Bill

Debate between Earl of Erroll and Baroness Kramer

Wednesday 28th November 2012 Lords Chamber

[Baroness Kramer]

My Lords, I will intervene only for a moment but in case the Government are unable to meet the hopes of the noble Lord, Lord Flight, and others today perhaps I might say that I chair the sub-panel of the Parliamentary Commission on Banking Standards which is looking at competition in retail banking. Account portability is a significant part of that and the staff are now on the alert to take the report of the comments made today in Hansard and make sure that it and the amendments are put before the panel’s next meeting

[The Earl of Erroll]

My Lords, this is a very sensible amendment and it should be accepted. I also agree with the comments of the noble Lord, Lord Hodgson, that it ought to be applied to all accounts. We have had to leave some family accounts open just to receive some old shares and such things coming in because we cannot really get around to changing them. If we could change them at the bank end, it would make a lot of sense.

Financial Services Bill

Debate between Earl of Erroll and Baroness Kramer

Monday 18th June 2012 Lords Chamber

[Baroness Kramer]

My Lords, I speak as someone who is going to be going through this Bill in great detail. I assure the noble Lord, Lord Grocott, that I had no idea that this Motion was going down until today, so I am not part of any great conspiracy that he might imply. I looked at this legislation with the understanding that Grand Committee was not meant to be a second-rate or second citizen process but was one for dealing with highly technical Bills. Having tried to do an interview with the BBC on the latter parts of the Bill, I know that it is extremely technical. I assure the noble Lord that it passes the “eyes glazing over in agony” test. I have seen Grand Committee, thanks to the consumer insurance Bill, and seen how effective it is in being able to get and exchange a great deal of information very quickly on highly technical issues, so I would have supported the whole Bill being in Grand Committee.

I can understand the desire for some of the most prominent parts of the Bill to be debated in the Chamber as recognition of the level of concern following the financial and banking crisis of 2008 and the need to look again at the architecture of regulation—for some of those key issues to be addressed here. However, it is more in order to satisfy that kind of recognition of the level of concern rather than to give us almost the best practice for going through the Bill in detail, so splitting the Bill strikes me, as someone without much of an axe to grind in this matter, as a very appropriate mechanism and a sensible and practical one. That is how I have always viewed this House—as sensible and practical and willing to take on the issues simply as they are and to come to a solution. I spent time in the other place, where one might say that the principles are not the same—and I know that this House dislikes the kind of principles that the other place operates on.

[The Earl of Erroll]

My Lords, I can remember when the whole Grand Committee thing started, and the first assurance was that only non-controversial Bills would go to Grand Committee. The whole point was that in the old days—not that they are so very long ago—we used to divide on matters of principle in Committee, which meant that we tidied up on Report, and that was much more efficient. The challenge with Grand Committee is that it delays everything, and then we have a huge argument on Report that goes on interminably.

Then we have the problem with the limited rules on amending at Third Reading. Before, we would divide on principle in Committee and tidy up on Report, with half the length of debate. Then at Third Reading we would discuss things only when there had to be a final little adjustment because a mistake had been made. It was very unusual to put forward amendments at Third Reading, which is why they were so restricted. With the new procedure of going to Grand Committee, you can have wonderful debates but then you have to do it all over again on Report, which causes problems at Third Reading. We must either have yet another reading to tidy up before Third Reading or go back to dividing in Committee. We should remember that not only the person putting forward the amendment in Committee has the option to divide; anyone in the House can call a Division on an amendment that is proposed. So if noble Lords think that someone is wasting time by withdrawing an amendment in Committee to bring the whole thing back on Report, I suggest that someone stands up and calls for a Division.