Financial Services (Banking Reform) Bill — Report (1st Day) — 26 Nov 2013 at 17:53

Amendment 4

Tabled by Lord Lawson of Blaby

4: Clause 4, page 17, line 15, at end insert-

“142VA Review of operation of legislation relating to ring-fencing

(1) The Treasury must, before the end of the initial period, appoint a panel of at least 5 persons (the review panel) to carry out a review of the operation of the legislation relating to ring-fencing.

(2) The legislation relating to ring-fencing means-

(a) Part 9B of FSMA 2000 (as inserted by section 4);

(b) orders and regulations made by the Treasury under that Part;

(c) ring-fencing rules, as defined by section 142H(3) of FSMA 2000, made by the FCA or the PRA;

(d) section 192JA of FSMA 2000 (as inserted by section 116);

(e) rules made by the FCA or the PRA under that section.

(3) The initial period is the period of 4 years beginning with the first day on which section 142G of FSMA 2000 is fully in force.

(4) The members of the review panel must be persons-

(a) who appear to the Treasury to be independent of the PRA, the FCA, the Bank of England and the Treasury, and

(b) who do not appear to the Treasury to have any financial or other interests that could reasonably be regarded as affecting their suitability to serve as members of the review panel.

(5) In appointing the members of the review panel, the Treasury-

(a) must have regard to the need to ensure that the review panel (considered as a whole) has the necessary experience to undertake the review,

(b) must ensure that at least one of the members is a person appearing to the Treasury to have substantial experience in central banking or banking regulation at a senior level, and

(c) must obtain the consent of the chairman of the Economic Affairs Committee of the House of Lords and the chairman of the Treasury Committee of the House of Commons.

(6) The Treasury must appoint one of the members of the review panel to be chair of the panel.

(7) The review panel must, within a reasonable time after the end of the initial period, make a written report to the Treasury-

(a) setting out the results of the review,

(b) making such recommendations (if any) as the panel considers appropriate.

(8) The report must in particular include-

(a) an assessment of the extent to which the operation of the legislation relating to ring-fencing is facilitating the advancement by the PRA of the objective in section 2B(3)(c) and by the FCA of the continuity objective, and

(b) any recommendations which the panel considers appropriate for the making of further changes in the law with a view to better facilitating the advancement of those objectives; provided that such recommendations are consistent with the continued protection of core activities as defined in section 142B of FSMA 2000.

(9) The Treasury must-

(a) lay a copy of the report before Parliament, and

(b) publish the report in such manner as they think fit.

(10) Any expenses reasonably incurred in the conduct of the review are to be paid by the Treasury out of money provided by Parliament.”

Debate in Parliament | Source |

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The Archbishop of CanterburyBishopaye
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Lord Ahmad of WimbledonCon (front bench)no
Baroness Anelay of St JohnsCon (front bench)tellno
Lord Ashton of HydeConno
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The Earl of SelborneCon (front bench)no
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Lord Taylor of HolbeachCon (front bench)no
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Lord Tugendhat Con (front bench)no
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Lord Vinson Conno
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Lord Wei Conno
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Lord Filkin Lab (minister)aye
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Lord Foulkes of CumnockLab (minister)aye
Baroness Gale Lab (minister)aye
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Lord Giddens Labaye
Lord Gordon of StrathblaneLabaye
Baroness Goudie Lab (minister)aye
Baroness Gould of PotternewtonLab (minister)aye
Lord Grantchester Lab (minister)aye
Lord Grenfell Lab (minister)aye
Viscount Hanworth Lab (minister)aye
Lord Harris of HaringeyLab (minister)aye
Lord Harrison Lab (minister)aye
Lord Hart of ChiltonLab (minister)aye
Lord Haskel Lab (minister)aye
Lord Hattersley Labaye
Lord Haughey Labaye
Lord Haworth Labaye
Baroness Hayter of Kentish TownLab (minister)aye
Baroness Healy of Primrose HillLab (minister)aye
Baroness Henig Lab (minister)aye
Baroness Hilton of EggardonLab (minister)aye
Lord Hollick Lab (minister)aye
Baroness Hollis of HeighamLab (minister)aye
Lord Howarth of NewportLabaye
Baroness Howells of St DavidsLab (minister)aye
Lord Hoyle Labaye
Baroness Hughes of StretfordLab (minister)aye
Lord Hughes of WoodsideLabaye
Lord Hunt of ChestertonLabaye
Lord Hunt of Kings HeathLab (minister)aye
Lord Hutton of FurnessLabaye
Lord Irvine of LairgLab (minister)aye
Lord Janner of BraunstoneLab (minister)aye
Baroness Jay of PaddingtonLab (minister)aye
Lord Jones Lab (minister)aye
Baroness Jones of WhitchurchLab (minister)aye
Lord Judd Lab (minister)aye
Baroness Kennedy of CradleyLabaye
Lord Kennedy of SouthwarkLab (minister)aye
Baroness Kennedy of The ShawsLab (minister)aye
Baroness Kingsmill Labaye
Lord Kinnock Labaye
Baroness Kinnock of HolyheadLabaye
Lord Kirkhill Labaye
Lord Knight of WeymouthLab (minister)aye
Baroness Lawrence of ClarendonLabaye
Lord Layard Labaye
Lord Lea of CrondallLabaye
Lord Liddle Lab (minister)aye
Lord Lipsey Lab (minister)aye
Baroness Lister of BurtersettLab (minister)aye
Lord Macdonald of TradestonLabaye
Lord MacKenzie of CulkeinLabaye
Baroness Massey of DarwenLab (minister)aye
Lord Maxton Lab (minister)aye
Lord McAvoy Lab (minister)aye
Lord McConnell of GlenscorrodaleLabaye
Baroness McDonagh Lab (minister)aye
Lord McFall of AlcluithLab (minister)aye
Baroness McIntosh of HudnallLab (minister)aye
Lord McKenzie of LutonLab (minister)aye
Lord Mendelsohn Labaye
Lord Mitchell Labaye
Lord Monks Labaye
Lord Moonie Labaye
Baroness Morgan of ElyLab (minister)aye
Lord Morris of AberavonLab (minister)aye
Lord Morris of HandsworthLabaye
Lord Noon Labaye
Lord O'Neill of ClackmannanLab (minister)aye
Lord Parekh Labaye
Lord Patel of BlackburnLabaye
Lord Pendry Labaye
Baroness Pitkeathley Lab (minister)aye
Lord Plant of HighfieldLab (minister)aye
Lord Ponsonby of ShulbredeLabaye
Lord Prescott Labaye
Baroness Prosser Lab (minister)aye
Lord Puttnam Labaye
Baroness Quin Labaye
Lord Radice Labaye
Lord Rea Labaye
Baroness Rendell of BaberghLab (minister)aye
Lord Richard Lab (minister)aye
Lord Rogers of RiversideLabaye
Lord Rooker Lab (minister)aye
Lord Rosser Lab (minister)aye
Lord Rowlands Labaye
Lord Sawyer Labaye
Baroness Scotland of AsthalLab (minister)aye
Baroness Sherlock Lab (minister)aye
Viscount Simon Lab (minister)aye
Baroness Smith of BasildonLab (minister)aye
Lord Smith of FinsburyLabaye
Baroness Smith of GilmorehillLabaye
Lord Smith of LeighLabaye
Lord Soley Lab (minister)aye
Lord Stevenson of BalmacaraLab (minister)aye
Lord Stone of BlackheathLabaye
Baroness Symons of Vernham DeanLabaye
Lord Taylor of BlackburnLabaye
Lord Temple-Morris Labaye
Baroness Thornton Lab (minister)aye
Lord Tomlinson Lab (minister)aye
Lord Touhig Lab (minister)aye
Lord Triesman Lab (minister)aye
Lord Tunnicliffe Lab (minister)tellaye
Lord Turnberg Lab (minister)aye
Baroness Turner of CamdenLabaye
Baroness Uddin Labaye
Baroness Warwick of UndercliffeLabaye
Lord Watson of InvergowrieLabaye
Lord West of SpitheadLabaye
Baroness Wheeler Lab (minister)aye
Baroness Whitaker Labaye
Lord Whitty Labaye
Baroness Wilkins Labaye
Lord Williams of ElvelLabaye
Lord Wills Labaye
Baroness Worthington Lab (minister)aye
Lord Young of Norwood GreenLab (minister)aye
Viscount Falkland LDemaye
Lord Phillips of SudburyLDemaye
Baroness Tonge LDemaye
Lord Addington LDem (front bench)no
Lord Allan of HallamLDemno
Lord Ashdown of Norton-sub-HamdonLDemno
Baroness Bakewell of Hardington MandevilleLDem (front bench)no
Baroness Barker LDem (front bench)no
Baroness Benjamin LDemno
Baroness Bonham-Carter of YarnburyLDemno
Lord Bradshaw LDemno
Baroness Brinton LDemno
Lord Burnett LDemno
Lord Chidgey LDemno
Lord Clement-Jones LDem (front bench)no
Lord Cotter LDemno
Lord Dholakia LDem (front bench)no
Lord Dykes LDemno
Baroness Falkner of MargravineLDem (front bench)no
Lord Fearn LDemno
Baroness Garden of FrognalLDemno
Lord German LDemno
Baroness Grender LDemno
Baroness Hamwee LDem (front bench)no
Baroness Harris of RichmondLDem (front bench)no
Baroness Humphreys LDem (front bench)no
Lord Hussain LDemno
Baroness Hussein-Ece LDem (front bench)no
Baroness Jolly LDem (front bench)no
Lord Kirkwood of KirkhopeLDem (front bench)no
Baroness Kramer LDem (front bench)no
Baroness Linklater of ButterstoneLDemno
Lord Loomba LDemno
Lord Maclennan of RogartLDem (front bench)no
Baroness Maddock LDem (front bench)no
Baroness Manzoor LDemno
The Earl of Mar and KellieLDemno
Lord Marks of Henley-on-ThamesLDem (front bench)no
Lord McNally LDem (front bench)no
Lord Newby LDem (front bench)tellno
Baroness Nicholson of WinterbourneLDem (front bench)no
Baroness Northover LDem (front bench)no
Lord Paddick LDemno
Baroness Parminter LDem (front bench)no
Lord Purvis of TweedLDemno
Baroness Randerson LDem (front bench)no
Lord Roberts of LlandudnoLDem (front bench)no
Lord Roper LDem (front bench)no
Baroness Scott of Needham MarketLDem (front bench)no
Lord Sharkey LDem (front bench)no
Baroness Sharp of GuildfordLDem (front bench)no
Lord Shipley LDem (front bench)no
Lord Shutt of GreetlandLDem (front bench)no
Lord Steel of AikwoodLDemno
Lord Stephen LDemno
Lord Stoneham of DroxfordLDemno
Lord Storey LDemno
Lord Strasburger LDemno
Baroness Suttie LDemno
Lord Taylor of Goss MoorLDemno
Lord Thomas of GresfordLDemno
Baroness Thomas of WinchesterLDem (front bench)no
Lord Tope LDemno
Lord Tyler LDemno
Baroness Tyler of EnfieldLDemno
Lord Wallace of SaltaireLDem (front bench)no
Lord Wallace of TankernessLDem (front bench)no
Baroness Walmsley LDemno
Baroness Williams of CrosbyLDemno
Lord Willis of KnaresboroughLDem (front bench)no
Lord Wrigglesworth LDemno
Lord Wigley PCaye
Lord Rogan UUPaye
Lord Empey UUP (front bench)no

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