Financial Services and Markets Act 2000 (Exemption) (Amendment No. 2) Order 2011

Lord Myners Excerpts

Monday 31st October 2011 Lords Chamber

[Lord Sassoon]

This instrument deals with the basic decision, announced jointly by the noble Lord’s Government and the Department of Enterprise, Trade and Investment in Northern Ireland, that regulation, which is the subject of this instrument, should pass from the DETI to the FSA. That is what this does. It does not relate to any matters other than that. The decision had already been taken in advance of the consultation the noble Lord is questioning.

[Lord Myners]

My Lords, the Minister used the word “discussion” to describe Grand Committee on 17 October. That is rather stretching the definition of that word. It was a tetchy performance by the Minister, who was clearly deeply embarrassed that a consultation which had been initiated in March 2010 and completed several months ago—indeed, before the summer break—was actually published only on the morning of Grand Committee, and no efforts were made at all to ensure that those noble Lords who take an interest in Treasury Affairs were aware of the existence of this document before we discussed the order.