Financial Services Bill

Debate between Lord McFall of Alcluith and Lord De Mauley

Wednesday 18th July 2012 Lords Chamber

[Lord De Mauley]

My Lords, I think that I have said that the FCA has regard to it, but I cannot go much further than I have.

[Lord McFall of Alcluith]

Is this not just part of the muddled thinking that took place at the beginning of this whole process when the word “consumer” was changed and the name became the FCA? Consumer protection lies with the FCA, whether the Minister sees it or not. Given the muddled thinking, and given that the Money Advice Service—which, by the way, was lacerated a few months ago when it went to the Treasury Select Committee—is not a consumer protection body, we need a little rethink. The Minister should take the pills and come back, and then we can get some clarity.

Financial Services Bill

Debate between Lord McFall of Alcluith and Lord De Mauley

Tuesday 26th June 2012 Lords Chamber

[Lord De Mauley]

I think I have an answer. The point is that the principle is as I outlined, whether it is an individual or the committee.

[Lord McFall of Alcluith]

I apologise to the House; I am away in another world. I still believe that there is quite a difference between a minute and a record. However, given that the Government have come forward with a number of proposals, I withdraw the amendment.

Pneumoconiosis etc. (Workers’ Compensation) (Payment of Claims) (Amendment) Regulations 2012

Debate between Lord McFall of Alcluith and Lord De Mauley

Tuesday 13th March 2012 Grand Committee

[Lord De Mauley]

I may be able to come to that in a moment. The noble Lord asked about the HSE charging regime. Unfortunately, I am not able to answer him now but I will write with that information. He asked about our plans for Workers’ Memorial Day. Ministers are considering what official action would be appropriate for 2012. However, the focus of the day, as I understand has always been the case, should be on local events organised by individuals and organisations to commemorate those who have died, been injured or made ill through their work.

[Lord McFall of Alcluith]

If the Minister could make a positive statement that the memorial day is a good day, that would help enormously. When I was the Member of Parliament for West Dunbartonshire, we had that event for four or five years. It is important that a message on that goes out from the Government. Also, given the Scottish experience, will the Minister consider what has happened in the Scottish Parliament regarding relatives so that the sufferers do not have the iniquitous choice of having to take their case through court or die before their relatives can get compensation? Further, can the Minister ensure that the court cases are speeded up? There was a huge problem in Scotland until the Lord President acceded to the request to have a designated judge for these cases who would become familiar with the procedures and speed them through the courts, thereby having a more humane way of compensating for this terrible disease.

[Lord De Mauley]

I thank the noble Lord for that intervention. I agree with him and I should like it to go on the record that I think it is a good thing that such a day is marked in an appropriate way. As regards his comments about what is going on in Scotland, perhaps I may take them back to the department. That is a helpful suggestion and I thank him for it.

The noble Lords, Lord McKenzie and Lord Wigley, referred to the legal aid Bill and a perceived conflict between the two situations. General damages for things such as pain, suffering and loss of amenity will be increased by 10 per cent. The success fee that the lawyer can charge will be capped at 25 per cent of the claimant’s damages, excluding any damages referable to future care or future losses. This will help to protect the claimant’s damages, as well as any recoveries that the Government might make. Further to that, abolishing the recoverability of success fees and “after the event” insurance premium is the most important element of the reform package for civil litigation and represents a fundamental change to conditional fee agreements. This change will mean that claimants have an interest in the costs being incurred on their behalf, and it will introduce proportion and fairness to the current conditional fee arrangement regime. I appreciate that this is a sensitive area and we will be considering its effect.

Banks: Mutual Ownership

Debate between Lord McFall of Alcluith and Lord De Mauley

Wednesday 2nd March 2011 Lords Chamber

[Lord De Mauley]

No timetable has been set. UKFI does not think that it is possible or desirable to set firm targets, such as time or proceeds, that would drive the Government’s sale of shares. When UKFI has a proposal, it will offer it.

[Lord McFall of Alcluith]

My Lords, the Minister will be aware that all building societies that transferred into plcs in the 1990s are now no more. People realised that there was strength in the mutual principle and framework. Will he go further and assure the House that UKFI will engage with the Building Societies Association to ensure not just that there is a war on words but that there is a proposal on the table to ensure that we will have competition and diversity in the marketplace in the future?

[Lord De Mauley]

I think I can perhaps go a little further in saying that the Government are implementing a number of legislative reforms that will allow financial mutuals greater flexibility to develop and expand, and so promote mutual ownership in financial services. These include such things as completing the passage through Parliament of the Legislative Reform (Industrial and Provident Societies and Credit Unions) Order, commencing the Co-operative and Community Benefit Societies and Credit Unions Act 2010, and bringing Northern Ireland credit unions under FSA regulation. As I have said, the Independent Commission on Banking will also consider competition in the banking sector and make recommendations on this as part of its report.