Lord Desai
Main Page: Lord Desai (Crossbench - Life peer)
Lord Sassoon
My Lords, I thank my noble friend Lord Stewartby for pointing out one of the critical parts of the construct we will put in place. I apologise for using the new terminology—I hope he will forgive me—but the macro-prudential regulator also needs to have oversight of the micro-prudential regulation, the supervision of individual firms. That is part of what we will come back to tomorrow.
Lord Desai
My Lords, the previous Government passed a financial services Act putting in new arrangements for tripartite regulation. The question remains as my noble friend Lord Richard asked. Do the Government intend to bring in a new Bill, revising the Act now on the statute book? If so, how soon will they bring such legislation? Have they prepared a draft Bill?
Lord Sassoon
My Lords, I thank the noble Lord, Lord Desai, for pressing on this point of legislation. I remind your Lordships that there was, indeed, provision in the Queen’s Speech for legislation. With the changes we are proposing it is safe to assume that primary legislation will be required. It will come forward in this Session. We should talk more about that, however, in relation to the further detailed arrangements.