Financial Services Bill

Debate between Baroness Kramer and Lord Duncan of Springbank

Committee stage
Wednesday 10th March 2021 Grand Committee

[Baroness Kramer (LD)]

My Lords, I need to spend more time, frankly, trying to understand the amendment. I would be genuinely shocked if Ministers interfered with an investigation of any of the regulators—certainly the FCA, the body at the centre of the amendment. I am not sufficiently familiar, I confess, with the Ministerial Code, but if the code does not make that clear, it would seem absolutely necessary that it does.

I perfectly understand concerns about the effectiveness of the FCA as a regulator in dealing with wrongful behaviour. It needs to be much more aggressive and transparent. We have talked earlier in Grand Committee about the HBOS Reading fraud scandal. The FCA was finally pressured into commissioning a report from Promontory, then did not publish it—only a summary that did not reflect in any significant way the actual conclusions of the report. That was extremely disturbing. We have also talked about the FCA’s actions under the senior managers and certification regime against Jes Staley, chief executive of Barclays—

[The Deputy Chairman of Committees (Lord Duncan of Springbank) (Con)]

My Lords, there is a Division, so we shall adjourn for five minutes and reconvene thereafter.

Horizon 2020

Debate between Baroness Kramer and Lord Duncan of Springbank

Monday 27th January 2020 Lords Chamber

[Lord Duncan of Springbank]

It is difficult to comment on specific collaborations but I stress that British scientists and academics and our university system are all excellent. Collaboration is therefore of mutual benefit to both sides of this issue.

[Baroness Kramer (LD)]

My Lords, to the best of my understanding, British scientists and institutions frequently lead on these collaborations. There has been a significant concern that, although those institutions might be allowed to participate in the future, their opportunities to lead will be greatly diminished. That means that leading scientists who always want to be part of the lead group will seek other opportunities.

[Lord Duncan of Springbank]

I always believe that those best equipped to lead should lead, whether that be within the EU or across the wider globe. There has been a decline in our participation, and that is a measure of what we have been going through of late, but the excellence remains and the leadership should remain with the excellent.