Financial Services (Banking Reform) Bill

Here we are again—a second bite at the Financial Services (Banking Reform) Bill. Today, we debate...

Does the Minister accept that help is needed not just for new entrants, but for unusual, smaller ...

I hope that the Co-operative bank, and all other institutions, will now be in a position to make ...

Many of my constituents worked for the Halifax mutual building society, and we saw what really ca...

Absolutely. Those are the very issues that should be in the Bill, but it is a pretty thin measure...

The hon. Gentleman has gone to the heart of one of our key recommendations, but what we had in mi...

I hoped that legislation would not be necessary, but I think it worthwhile for the House to expre...

Would my hon. Friend add to that list cloud funding and cloud sourcing, which many people think i...

As some have said in the past, the magic of the “interweb” will ensure that customers can avoid t...

That must not be too heavy.

Well, I think it is important that we make sure the foundations are put in place to allow those n...

Does the shadow Minister therefore believe we should follow what the US has done? It has a commun...

And not just towards London, as a lot of the major banks have had their appetites whetted to make...

May I interpret the hon. Gentleman’s warm words to mean that Labour would support my new clause 1...

Well, personally I prefer our new clause 10, but that is a good try by the hon. Lady. She has rai...

Interestingly, when we get into the nitty-gritty of how the seven-day switching process will work...

That is the worry, and we want to see how it is going to work. It is all very well if direct debi...

Is the hon. Gentleman aware that he is more likely to get divorced than to change his bank accoun...

Funnily enough, divorce has already come up a couple of times in our proceedings, and I am sure t...

The reality is that the seven-day switching service must be matched against increases in the leve...

Absolutely. Sir John Vickers pointed out in his report that a typical customer is likely to move ...

I switched a business account to HBOS, without knowing that anything was going to happen, because...

That broadens things out into a whole new terrain, but suffice it to say, we should be able to tr...

My hon. Friend will know that the banking commission recommended having a proper study of the goo...

My right hon. Friend is completely correct about that. If the British public realised what has ha...

I am very supportive of new clause 10, particularly the notion that the Government describe how t...

I would have thought that before the Government considered a sale they would decide what they wan...

I am delighted to be able to speak about this Bill on banking reform, which is so crucial to the ...

The hon. Lady alluded to the allegedly competitive market in the energy sector, where there is a ...

I will come on to that, and that will become clearer in the course of my comments. Certainly, in ...

Is not one of the problems—this was certainly highlighted in our investigations—the ownership of ...

Yes. The hon. Gentleman is absolutely right, and he has certainly been a keen supporter of bank n...

Thank you, Madam Deputy Speaker, for the opportunity to speak to my new clause 15. It is a modest...

To what extent has the hon. Lady been influenced by the system in the US, where there is a strong...

The hon. Gentleman cites one of the few examples in the United States and its economic system tha...

I wish to speak substantially to new clause 14, which stands in the name of my hon. Friend the Me...

I congratulate my hon. Friend, and I congratulate my hon. Friend the Member for South Northampton...

Yes, without a shadow of a doubt. A great many of the smaller banks that are looking to enter the...

I want to make a few points about new clauses 10, 12 and 14.

New clause 10 deals with secur...

The right hon. Gentleman may recall a meeting we had with senior bankers in which they said that,...

The hon. Lady may be right and that is another reason that we should have a proper report to dril...

The right hon. Gentleman raises an incredibly important point. I think that the vast majority of ...

I thank the hon. Gentleman for making that important point. If consumers are going to have confid...

I also rise to support new clause 14 tabled by my hon. Friend the Member for South Northamptonshi...

I do have great expectations of the Minister’s response.

I was going to say something about “A Tale of Two Cities”, but I will leave it at my hon. Friend’...

How about “Hard Times”?

Yes, something like that.

I am very tempted by new clauses 8 and 10, which were tabled by t...

This has been an interesting debate so far, and it will be a tall order to live up to the great e...

Hear, hear.

I am grateful for my hon. Friend’s contribution.

Government amendment 5 delivers on a commi...

Given that the new payments regulator will take some time to set up, I hope that the Minister wil...

I certainly will keep a close eye on that, as too, I am absolutely certain, will my hon. Friend t...

Will the Minister confirm that, were there not to be a referral, the Government will ensure a ful...

That is happening. The review that the OFT is carrying out is comprehensive—it will keep us infor...

I apologise to the right hon. Gentleman for jumping in rather late, but before he leaves the issu...

I do not know whether the hon. Gentleman will be reassured or alarmed to learn that I had not lef...

Does the Minister accept that constraints on the amounts that larger credit unions—such as the Ea...

I am happy to take that forward. The hon. Lady will be aware that we have liberalised the rules f...

The Minister is talking about the edifice of propriety, in relation to UKFI and so forth, but it ...

The hon. Gentleman knows full well that that is a matter for the board of RBS, not for the Govern...

We have had a long, well-informed debate, and I pay tribute to Members on both sides of the House...

On a point of order, Mr Deputy Speaker. In the light of the fact that the International Monetary ...

On the last part of the hon. Gentleman’s question, I think that he has already achieved what he w...

I beg to move, That the Bill be now read the Third time.

It is good to start the debate wit...

I am very reassured by what I have heard from the Minister. It seems from what he said that it re...

I am grateful to my hon. Friend for his remarks. He is right that we are of one mind on the need ...

I may have misheard. Does that mean that we will get two days to consider Lords amendments?

My hon. Friend is nothing if not tenacious as well as ingenious, and his hearing is acute. He wil...

After that tour of various languages, all of which I am sure were in order as Norman French is th...

After the global banking crash, my constituents in Northumberland wanted to see better banking, h...

Order. I know that the hon. Gentleman is going to draw his speech into the Third Reading, because...

I will totally draw it into Third Reading, Mr Deputy Speaker. Those particular persons are very m...

This is an unusual Bill, in that at the same time that it has sought to implement a reform recomm...

The right hon. Gentleman is not giving the response a fair reading. First, not all of the recomme...

Perhaps the Minister and I have different interpretations of the word “broad”. He may be able to ...

I was not able to participate in the Public Bill Committee or the parliamentary commission, but I...

A vast amount of hard work has been diligently done for such a puny and inadequate set of proposa...

Does the hon. Gentleman not recognise that there are options for fully guaranteed savings with Na...

I sit on the Treasury Select Committee; the hon. Gentleman served on it, so we have a modicum mor...

Order. Mr Mann, your time is up—that is the story of your life at the moment.

5.26 pm