Financial Services Bill

Debate between Earl Howe and Baroness McIntosh of Hudnall

Consideration of Commons amendments
Wednesday 28th April 2021 Lords Chamber

[Earl Howe (Con)]

My Lords, I express my thanks to the noble Baroness, Lady Kramer, and the noble Lord, Lord Eatwell, for what they have said. I am pleased that they have both taken the trouble to read the words of my right honourable friend the Economic Secretary when responding to the debate in the other place on Monday. I was careful to frame my remarks in a way intended to ensure that there is not a hair’s breadth of difference between his words and mine.

The noble Lord made some very well-observed remarks on the risks arising from asymmetric information. However, I am happy to confirm to the noble Baroness that the FCA’s consultation will not be solely focused on asymmetry of information, important though that is; it will look more broadly at raising the level of care that firms provide to consumers—not particular classes of consumers, but all consumers.

Some hesitation—I think that is the best word—was expressed as to why there is yet another consultation. In response to that, I say that it is important that consumer groups and firms have the opportunity to comment on clear proposals and subsequent draft rule changes before final rules are set in stone. So I argue that it is a necessary step, even though I fully understand the noble Baroness’s wish for action this day. I remind her that we are talking about a consultation to be launched very shortly, and I hope that indicates that the sense of urgency which both noble Lords have indicated is right is shared by the FCA.

The FCA will and must act in accordance with its statutory objectives, which include the consumer protection objective. I come back to that point: this is not an issue that is ever lost on the FCA. With those comments, I am grateful to both noble Lords for their acceptance of the amendment in lieu, and I beg to move.

[The Deputy Speaker (Baroness McIntosh of Hudnall) (Lab)]

My Lords, we have a request to speak after the Minister from the noble Baroness, Lady Neville-Rolfe.

[Baroness Neville-Rolfe (Con)]

My Lords, I join others in congratulating my noble friend the Deputy Leader of the House and other Members of the Front Bench on the way they have dealt with the Bill and got us to this final stage. I just have a question about the consultation on the duty of care, and it stems from my experience in other areas of regulation—that is, health and safety and food safety. I have found that, where a duty of care is introduced, it is sometimes possible to change adjacent rules and regulations in a regulatory area and reduce the bureaucracy that can be a problem for both consumers and operators in the field. I would be interested to know whether that sort of work is likely to be envisaged by the Economic Secretary.

House of Lords: Appointments

Debate between Earl Howe and Baroness McIntosh of Hudnall

Thursday 30th January 2020 Lords Chamber

[Earl Howe]

My Lords, I recognise the noble Baroness’s concern on this matter and I shall ensure that the points she makes are fully considered.

[Baroness McIntosh of Hudnall (Lab)]

My Lords, may I take the noble Earl back to the question from my noble friend on the Front Bench about the Burns committee report? That report had significant support in this House and is focused on taking reform forward without the need for legislation, using what one might call the natural processes already available to us. Is the leadership of the House pressing the Prime Minister to take seriously the recommendations of the Burns report?

[Earl Howe]

My Lords, I think we can all agree that our numbers in this House need to reduce. However, in the light of the Government’s commitment to review the role of your Lordships’ House, with all that that entails, it is difficult for me to go further as I cannot pre-empt the conclusions of that review.