Financial Services (Banking Reform) Bill Debate
Full Debate: Read Full DebateBaroness O'Neill of Bengarve
Main Page: Baroness O'Neill of Bengarve (Crossbench - Life peer)Department Debates - View all Baroness O'Neill of Bengarve's debates with the HM Treasury
(10 years, 11 months ago)
Lords ChamberI am very grateful to the noble Lord for his comments. I had overlooked that point. Once the House has accepted this amendment, we can move on, perhaps at Third Reading, to add the elements that the noble Lord suggests.
My Lords, before the noble Lord sits down again, I offer another friendly thought—I hope. I have it in mind because the Netherlands has reintroduced a bankers’ oath analogous to an oath for physicians. As part of that move, we should note that the relationship with the persons who are here designated as customers should, indeed, properly be that of a client. This is a professional service and the fiduciary duties are in place precisely because this is a relationship not to a customer from whom one might make money but to a client to whom one owes a service.
I am grateful to the noble Baroness. I am sure that her suggestion and, indeed, the example of the Netherlands might well be followed here.