Lord Bruce of Bennachie
Main Page: Lord Bruce of Bennachie (Liberal Democrat - Life peer)Department Debates - View all Lord Bruce of Bennachie's debates with the HM Treasury
Financial Services Regulation
Lord Bruce of Bennachie Excerpts(13 years, 11 months ago)
Commons ChamberRead Full debate Read Hansard Text Read Debate Ministerial Extracts
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Malcolm Bruce (Gordon) (LD)
I welcome my right hon. Friend’s approach. Does he acknowledge that it is not just the architecture of the regulation but its quality that has conspicuously failed? It may be understandable that the Labour party wants to defend its creation of the FSA, but do Labour Members not acknowledge that it actually failed? For many people, it too often protected the providers of services and not the consumers who were actually investing in them.
Mr Osborne
My right hon. Friend is absolutely right. The overall objective is to move away from a process of regulation that is simply about ticking boxes to one where more judgment is exercised and people start to ask those such as Sir Fred Goodwin, “What are you doing with your bank? Is it right that you are taking over ABN AMRO?”, instead of asking him whether he wants a knighthood.