Lord Davies of Oldham
Main Page: Lord Davies of Oldham (Labour - Life peer)Department Debates - View all Lord Davies of Oldham's debates with the HM Treasury
(14 years ago)
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Lord Sassoon
My Lords, I am happy to confirm that in everything the Government do, we put a major store on openness and transparency. Indeed, we will bear that in mind in our approach to financial regulation in future.
Lord Davies of Oldham
My Lords, does the Minister not recognise the great anxiety about this situation? He says that “we”—I presume that he therefore speaks on behalf of the Government—have no knowledge of the report either. This is a totally unsatisfactory situation when lessons need to be learnt about such an important development. Will he not therefore look at the extent to which Her Majesty’s Government can emphasise to the FSA the desirability of making more public the position it has taken up?
Lord Sassoon
My Lords, that is what we are doing, but we are acting within the constraints of the Financial Services and Markets Act, which was brought in by the previous Government in 2000.