Debates between Richard Fuller and Angela Eagle during the 2019-2024 Parliament

Financial Services and Markets Bill

Debate between Richard Fuller and Angela Eagle
2nd reading
Wednesday 7th September 2022

(2 years, 3 months ago)

Commons Chamber
Read Full debate Financial Services and Markets Act 2023 View all Financial Services and Markets Act 2023 Debates Read Hansard Text Read Debate Ministerial Extracts
Richard Fuller Portrait Richard Fuller
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I am grateful to my right hon. Friend for that addition to the debate. It is clear that there is interest in the House in debating the priority that is given to these particular issues, and I look forward to hearing the contributions of my right hon. Friend—and those of Opposition Members—in Committee, to establish whether we have got these matters right.

Angela Eagle Portrait Dame Angela Eagle (Wallasey) (Lab)
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Will the Minister give way?

Richard Fuller Portrait Richard Fuller
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I will give way one more time, and then I will make a little progress.

Angela Eagle Portrait Dame Angela Eagle
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There is much on the Bill for which I think there will be cross-party support, but there are some elements that worry me, and I wonder whether the Minister can reassure me about them. I refer to the Henry VIII powers, and the fact that a great deal of extra power will be given to the regulators and the Treasury. I worry about a lack of appropriate accountability to the House. Can the Minister give us some reassurances on the Henry VIII powers, and can he give us proper undertakings that he is not creating a system that will leave the House out?

Richard Fuller Portrait Richard Fuller
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Not surprisingly, the hon. Lady has put her finger on one of the most fundamental elements of the debate that we need to have on the Bill, which is the accountability of regulators, as expressed through the House and, if I may say so, through the Government. I can assure the hon. Lady that that will be a fundamental part of our debate throughout the Bill’s progress, and, indeed, I will say more about it later in my speech.