§
Ordered,
That, at this day's sitting, the Lords amendments to the Financial Services Bill may be proceeded with, though opposed, until any hour.—[Mr. Lightbown.]
§ Lords amendments again considered.
§ Mr. HowardThe Secretary of State, in considering whether to exercise that reserve power, may have regard to the precise terms in which the rules made or guidance issued by a professional body are framed. He has the power to intervene and to make use of the reserve power if those rules and that guidance are not satisfactory. That encompasses the point made by the hon. Gentleman.
§ Mr. GouldI am grateful to the Minister. I do not doubt that that is his intention and the intention of the current Secretary of State. Of course, his statements to the House will be of no avail if the matter is ever litigated. As the hon. and learned Gentleman knows, the courts will restrict themselves to interpreting the words in the statute. I cannot see that the words in the statute secure the objective or the effect that the Minister described to us. I wonder whether he will consider that point further. If that is indeed the intention, I do not think that the words secure it.
§ Mr. HowardI do not think that I can add anything to what I said previously. The Secretary of State must decide, in coming to a conclusion on whether he should exercise the reserve power that is provided, whether the rules or guidance are satisfactory from the point of view of the effect and purpose of the provision. If they are not, the Secretary of State has available the option of using his reserve powers which, as the hon. Gentleman concedes, give rise to an expressly provided duty. I suggest that the language used achieves the objective giving rise to the hon. Gentleman's concern.
§ Mr. Tim SmithI beg to ask leave to withdraw the amendment.
§ Amendment, by leave, withdrawn.
§ Lords amendment agreed to. [Special entry.]
§ Subsequent Lords amendments agreed to, some with Special Entry.
- New Clause
- Clause 154
- BANKING BUSINESS 4,121 words
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