Financial Services Bill

Lord Duncan of Springbank Excerpts

Report stage
Wednesday 24th March 2021 Lords Chamber

Given all that I have said, I contend that the requirement proposed by this amendment to hold such wide-ranging reviews every two or three years would place a significant time and cost burden on the regulators. I equally contend that this would be disproportionate, given the mechanisms and processes that already exist to hold the regulators to account and ensure that relevant information is in the public domain. I hope that the noble Baroness, on reflection, will agree with that assessment. Skilled oversight can take a number of forms, as she rightly observed in Grand Committee. I listed those that I think are key, not the least of which, as I mentioned, is the added degree of transparency, to which the new CEO of the FCA has committed himself in response to the Gloster report. In the light of all that I have said, I hope that the noble Baroness will feel sufficiently comfortable to withdraw her amendment.

[The Deputy Speaker (Lord Duncan of Springbank) (Con)]

My Lords, I have received no requests to speak after the Minister, so we will go straight back to the noble Baroness, Lady Bowles.

--- Later in debate ---

Amendment 2 withdrawn.

[The Deputy Speaker (Lord Duncan of Springbank) (Con)]

We now come to the group beginning with Amendment 3. Anyone wishing to press this or anything else in this group to a Division must make that clear in the debate.

Amendment 3

Moved by