All 1 Debates between Lord Campbell-Savours and Lord Deighton

Banking: LIBOR and EURIBOR

Debate between Lord Campbell-Savours and Lord Deighton
Tuesday 12th February 2013

(11 years, 9 months ago)

Lords Chamber
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Lord Deighton Portrait Lord Deighton
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My noble friend makes a good observation. Clearly, there were some gaps in the historical supervisory structure, which is why we have passed the Financial Services Act reforming entirely the regulatory apparatus around this business. Of course, the FSA is about to be replaced by a combination of the Financial Conduct Authority, the Financial Policy Committee and the Prudential Regulation Authority. We now have a new regime surrounding this arena. I share my noble friend’s concern that moving from gamekeeper to poacher needs to be managed closely.

Lord Campbell-Savours Portrait Lord Campbell-Savours
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Are the penalty levels to which the noble Lord referred set in legislation? If so, can we not change the legislation?

Lord Deighton Portrait Lord Deighton
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The penalty levels are a matter for the FSA. In 2010, it re-established the code under which it assesses the fines to make them more transparent. It is an area which has been recently reviewed.