Financial Regulators: Examinations

Baroness Hayter of Kentish Town Excerpts

Monday 22nd October 2012 Lords Chamber

[Lord Sassoon]

My Lords, the House can of course be assured that the FSA would not seek to recruit, let alone retain, any individuals who were not competent to carry out their duties. What I said in my first Answer was that, at the end of the probationary period, an assessment is done, so it certainly does not wait until the end of the first annual assessment.

[Baroness Hayter of Kentish Town]

My Lords, in his Answer, the Minister talked about technical qualifications. Surely, given where we are after LIBOR and everything else, we need a code of conduct that also covers ethical issues. Qualifications are needed for that not just, as is proposed, under LIBOR. Does he not agree that it should be provided in the Financial Services Bill for everyone working in banking?

[Lord Sassoon]

My Lords, I am sure that they take account of the judgments that need to be made on the ethical front, but they should not be in the Bill before the House.