Oral Answers to Questions

Philip Boswell Excerpts

Tuesday 17th January 2017 Commons Chamber

[Jane Ellison]

My hon. Friend makes a fair point. A discussion about the REACH regulation was on the agenda when the Under-Secretary of State for Exiting the European Union met the chemical industry and, of course, it will continue to form part of our discussions.

[Philip Boswell (Coatbridge, Chryston and Bellshill) (SNP)]

8. Whether he has made an assessment of the potential merits of introducing additional rules to ring-fence the operations of US banks in the UK.

[The Economic Secretary to the Treasury (Simon Kirby)]

US banks operating in the UK are regulated by the Prudential Regulation Authority and the Financial Conduct Authority. The UK’s ring-fencing regime applies to all banks operating in the UK that are above the threshold of holding £25 billion of core deposits.

[Philip Boswell]

Does the Minister agree that the likely rolling back of the Dodd–Frank Act in the US, combined with the watering down of banking conduct reform, could result in deregulated American banks with high-risk lending patterns operating in the UK?

[Simon Kirby]

The UK and US financial sectors have significantly increased their resilience since the crisis, and the PRA has the powers it needs to regulate overseas firms operating in the UK to ensure the stability of the UK financial system.