Banking Reform

Andrea Leadsom Excerpts

Thursday 14th June 2012 Commons Chamber

[Mr Hoban]

The hon. Gentleman follows these matters carefully. I do not know whether he, like me, has a fixed-rate mortgage, but that is actually a form of derivative. These products are widely used and there is a need for them. It is in the interests of businesses that such products be within the ring fence—it will provide much more control over their sale—although it is important to supervise properly the conduct of the banks selling them. The Financial Conduct Authority is well placed to provide that supervision, and with the tougher powers we have given it, that supervision will apply not only to retail customers but to business customers.

[Andrea Leadsom (South Northamptonshire) (Con)]

Does my hon. Friend think it amazing, as I do, that the Opposition seem to take no responsibility for the tripartite regulation system that led to the complete disaster we have seen? I congratulate him on working to ensure that such a lack of accountability never happens again. Does he agree, however, that more can and needs to be done on new competition in banking, particularly on access for new banking entrants? Will he continue to assess—I keep asking him this—bank account portability, because it would be a game changer in the banking sector?