New Clause 38 - Duty of care specification

03 Dec 2020

Financial Services Bill

Pat McFadden made a speech in a committee scrutinising a proposed law

On a point of order, Dr Huq, I would like to thank you and Mr Davies for your chairmanship during the proceedings, and the Clerks from the Public Bill Office for helping all of us with our...

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New Clause 24 - Facilitation of economic crime

03 Dec 2020

Financial Services Bill

Pat McFadden made a speech in a committee scrutinising a proposed law

I am happy to withdraw the new clause today, but I suspect the Minister might meet a very similar amendment later in proceedings on the Bill. I beg to ask leave to withdraw the clause.

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New Clause 24 - Facilitation of economic crime

03 Dec 2020

Financial Services Bill

Pat McFadden made a speech in a committee scrutinising a proposed law

I beg to move, That the clause be read a Second time. Although it is late in our proceedings, this is the first chance I have had to say what a pleasure it is to serve under your chairmanship, Ms...

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New Clause 16 - Consumer credit: extension of FCA rule-making duty

03 Dec 2020

Financial Services Bill

Pat McFadden made a speech in a committee scrutinising a proposed law

No, I am not, but I am interested to hear that my hon. Friend got an offer of dinner. All I got was an email.

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New Clause 16 - Consumer credit: extension of FCA rule-making duty

03 Dec 2020

Financial Services Bill

Pat McFadden made a speech in a committee scrutinising a proposed law

rose—

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Financial Services Bill

03 Dec 2020

Public Bill Committees

Forgive me, Dr Huq. I might have got this wrong, but I think there might be one more vote on the previous group before we move on.

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New Clause 6 - Duty of care for financial service providers

03 Dec 2020

Financial Services Bill

Pat McFadden made a speech in a committee scrutinising a proposed law

I want to press new clause 6 to a vote.

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New Clause 6 - Duty of care for financial service providers

03 Dec 2020

Financial Services Bill

Pat McFadden made a speech in a committee scrutinising a proposed law

New clause 6 is about a duty of care for financial service providers and several other new clauses push in the same direction. It is fair to say that this has been under discussion for some time....

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New Clause 6 - Duty of care for financial service providers

03 Dec 2020

Financial Services Bill

Pat McFadden made a speech in a committee scrutinising a proposed law

I beg to move, That the clause be read a Second time.

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New Clause 5 - Regulation of lead generators for debt advice and debt solution services

03 Dec 2020

Financial Services Bill

Pat McFadden made a speech in a committee scrutinising a proposed law

I am happy to do that. I just appeal to the Minister to try to find a way that he is comfortable with of closing the loophole. I beg to ask leave to withdraw the motion.

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New Clause 5 - Regulation of lead generators for debt advice and debt solution services

03 Dec 2020

Financial Services Bill

Pat McFadden made a speech in a committee scrutinising a proposed law

I beg to move, That the clause be read a Second time. This new clause is directed at reducing harm to heavily indebted people by clamping down on imposter or clone websites that might direct...

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New Clause 4 - Strategy for financial services

03 Dec 2020

Financial Services Bill

Pat McFadden made a speech in a committee scrutinising a proposed law

The Minister is right to refer to the Chancellor’s statement on 9 November, which was called a vision. While it touched on the green finance things the Minister mentioned, it did not touch...

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New Clause 4 - Strategy for financial services

03 Dec 2020

Financial Services Bill

Pat McFadden made a speech in a committee scrutinising a proposed law

I beg to move, That the clause be read a Second time. We are by definition entering a new world for UK financial services. Whether it is a brave new world, I do not know, but it is a new world....

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New Clause 2 - European Union regulatory equivalence for UK-based financial services businesses

03 Dec 2020

Financial Services Bill

Pat McFadden made a speech in a committee scrutinising a proposed law

I want to respond to a couple of things that the Minister said. As I said when I moved the new clause, nothing in it stops divergence. There is no attempt to make sure that we are in lockstep...

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New Clause 2 - European Union regulatory equivalence for UK-based financial services businesses

03 Dec 2020

Financial Services Bill

Pat McFadden made a speech in a committee scrutinising a proposed law

Thank you for your chairmanship, Mr Davies. I rise to speak to new clause 2, in my name and the names of my hon. Friends. We discussed equivalence when we were debating clause 24 or 25, so it...

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New Clause 2 - European Union regulatory equivalence for UK-based financial services businesses

03 Dec 2020

Financial Services Bill

Pat McFadden made a speech in a committee scrutinising a proposed law

I beg to move, That the clause be read a Second time.

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Financial Services Bill

03 Dec 2020

Public Bill Committees

No.

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Clause 35 - Over the counter derivatives: clearing and procedures for reporting

01 Dec 2020

Financial Services Bill

Pat McFadden made a speech in a committee scrutinising a proposed law

I have just one question. As the Minister said, this clause deals with the EMIR directive, which governs the sale of over-the-counter derivates. To add to our joys, we have EMIR and something...

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Clause 34 - Amendments of the PRIIPs Regulation etc

01 Dec 2020

Financial Services Bill

Pat McFadden made a speech in a committee scrutinising a proposed law

At this stage in our proceedings we begin to recognise the debates that we are having, because we have had them more than once. I find the Minister’s answers on the subject of ESG slightly...

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Clause 34 - Amendments of the PRIIPs Regulation etc

01 Dec 2020

Financial Services Bill

Pat McFadden made a speech in a committee scrutinising a proposed law

In this portfolio Bill we now move on to another different subject, that of PRIIPs—packaged retail and insurance-based investment products. Clause 34 amends the consumer information...

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