Financial Services (Banking Reform) Bill

Debate between Lord Blackwell and Lord Deighton

Tuesday 8th October 2013 Lords Chamber

[Lord Blackwell]

I am grateful for my noble friend’s comments on Amendment 1 and for his explanation that the flexibility allowed for in this Bill will be flexibility that the regulator will be expected to interpret. I note the comments of the noble Lord, Lord Eatwell, but clearly the regulator’s role will be to ensure that creep does not occur on the way and that the protection of the ring-fenced bank is the requirement as set out in this legislation. Therefore, with those assurances from my noble friend, I am pleased to withdraw the amendment.

[Lord Deighton]

With respect to the specific question, we have not had the chance to review the delegated powers yet, but of course we will in formulating where we go from here.