Financial Services and Markets Bill (Third sitting) Debate
Full Debate: Read Full DebateDepartment: HM Treasury
Liz Twist
Main Page: Liz Twist (Labour - Blaydon and Consett)Department Debates - View all Liz Twist's debates with the HM Treasury
Financial Services and Markets Bill (Third sitting)
Liz Twist ExcerptsTuesday 25th October 2022
(2 years ago)
Public Bill CommitteesRead Full debate Financial Services and Markets Act 2023 View all Financial Services and Markets Act 2023 Debates Read Hansard Text Read Debate Ministerial Extracts Amendment Paper: Public Bill Committee Amendments as at 25 October 2022 - (25 Oct 2022)
Liz Twist (Blaydon) (Lab)
As a member of the European Statutory Instruments Committee, I wonder whether the Minister can offer any assurance that there will be parliamentary scrutiny of the clause in the future. Can he offer any suggestions as to how we might be able to ensure that that takes place?
Andrew Griffith
The hon. Lady is right to talk about the important role of Parliament. We are giving regulators a great deal more power because we are importing a large body of European laws into the UK rulebook, which is one of the reasons why the Government have contemplated the public interest intervention power in the past. The large number of rules—the hon. Member for Wallasey talked about how large that body is, and painted a graphic picture of all that sifting work—does not lend itself to Parliament being the rule setter in each case. Again, that is at odds with the approach to rule setting in the UK historically, but Parliament will continue to have a voice where it feels the need to.