Professional Standards in the Banking Industry

Mark Durkan Excerpts

Thursday 5th July 2012 Commons Chamber

[Mr Osborne]

I will give way in a moment, but let me explain what the FCA’s chief executive-designate will do. It is very important. He will work swiftly and report this summer, so that the Financial Services Bill, which is currently before Parliament, can if necessary be amended and the regulators can acquire the new powers that they need. Yesterday, he responded to the damning FSA report into the failure of RBS with plans for new sanctions for the directors of failed banks, including the possibility of criminal sanctions. I speak for hon. Members on both sides of the House when I say that, sadly, there is a stark difference between the powers available to the UK authorities and those available to their US counterparts. We need to correct that.

[Mark Durkan (Foyle) (SDLP)]

Does the Chancellor accept that the Wheatley review can proceed to do its work and inform changes to the Financial Services Bill without prejudice to the inquiry that the Opposition seek in motion 2? The motion does not prevent the Wheatley review, so using the review as an argument against the motion is a red herring.

[Mr Osborne]

I was not using the Wheatley review as a reason not to have a public or parliamentary inquiry. I was merely explaining the review for the people out there who care what the Government are doing to regulate the financial markets and who want to hear what we are doing urgently to deal with the transparency and integrity of the LIBOR market.