APPENDIX 4: FORMAL MINUTES
Extract from the House of Lords Minutes of Proceedings
of 21 June 2011
Draft Financial Services Bill—Lord Strathclyde
moved that it is expedient that a Joint Committee of Lords and
Commons be appointed to consider and report on the draft Financial
Services Bill presented to both Houses on 16 June (Cm 8083) and
that the committee should report on the draft Bill by 1 December
2011. The motion agreed to and a message was sent to the Commons.
Extract from the Vote and Proceedings of the House
of Commons of 19 July 2011
Draft Financial Services Bill—Resolved, That
this House concurs with the Lords Message of 21 June, that it
is expedient that a Joint Committee of Lords and Commons be appointed
to consider the draft Financial Services Bill presented to both
Houses on 16 June (Cm 8083).
Ordered, That a Select Committee of six Members be
appointed to join with the Committee appointed by the Lords to
consider the draft Financial Services Bill presented to both Houses
on 16 June (Cm 8083).
That the Committee should report on the draft Bill
by 1 December 2011.
That the Committee shall have power—
(i) to send for persons, papers and records;
(ii) to sit notwithstanding any adjournment of the
House;
(iii) to report from time to time;
(iv) to appoint specialist advisers; and
(v) to adjourn from place to place within the United
Kingdom.
That Mr Nicholas Brown, Mr David Laws,
Mr Peter Lilley, David Mowat, Mr George Mudie and Mr David
Ruffley be members of the Committee-(Sir George Young).
Amendment proposed, in line 14, leave out 'David
Laws'-(Thomas Docherty.)
Motion made and Question put forthwith, That, at
this day's sitting, the Motion in the name of Sir George
Young relating to Draft Financial Services Bill (Joint Committee)
shall be proceeded with, though opposed, until any hour-(Mr Philip
Dunne.)
The House divided.
Division No. 329.
Ayes: 297 (Tellers: Mr Philip Dunne, Mark Hunter).
Noes: 6 (Tellers: John Mann, Thomas Docherty).
Question accordingly agreed to.
Motion made and Question put forthwith, That, at
this day's sitting, Standing Order No. 41A (Deferred divisions)
shall not apply to the Motion in the name of Sir George Young
relating to Draft Financial Services Bill (Joint Committee)-(Mr Robert
Goodwill.)
The House divided.
Division No. 330.
Ayes: 290 (Tellers: James Duddridge, Mark Hunter).
Noes: 6 (Tellers: John Mann, Thomas Docherty).
Question accordingly agreed to.
The House resumed the debate.
Mr Alistair Carmichael claimed to move the closure
(Standing Order No. 36).
Question put, That the Question be now put.
The House divided.
Division No. 331.
Ayes: 273 (Tellers: Mr Philip Dunne, Mark Hunter).
Noes: 9 (Tellers: John Mann, Kelvin Hopkins).
Question accordingly agreed to.
Question accordingly put, That the Amendment be made.
Question negatived.
Main Question put and agreed to.
Resolved, That a Select Committee of six Members
be appointed to join with the Committee appointed by the Lords
to consider the draft Financial Services Bill presented to both
Houses on 16 June (Cm 8083).
That the Committee should report on the draft Bill
by 1 December 2011.
That the Committee shall have power-
(i) to send for persons, papers and records;
(ii) to sit notwithstanding any adjournment of the
House;
(iii) to report from time to time;
(iv) to appoint specialist advisers; and
(v) to adjourn from place to place within the United
Kingdom.
That Mr Nicholas Brown, Mr David Laws,
Mr Peter Lilley, David Mowat, Mr George Mudie and Mr David
Ruffley be members of the Committee.
Extract from the House of Lords Minutes of Proceedings
of 20 July 2011
Draft Financial Services Bill—The Chairman
of Committees moved that the Commons message of 19 July be considered
and that a Committee of six Lords be appointed to join with the
Committee appointed by the Commons to consider and report on the
draft Financial Services Bill presented to both Houses on 16 June
(Cm 8083) and that the Committee should report on the draft Bill
by 1 December 2011;
That, as proposed by the Committee of Selection,
the following members be appointed to the Committee:
B Drake, L McFall of Alcluith, L Maples, L Newby,
L Skidelsky, B Wheatcroft;
That the Committee have power to agree with the Committee
appointed by the Commons in the appointment of a Chairman;
That the Committee have power to send for persons,
papers and records;
That the Committee have power to appoint specialist
advisers;
That the Committee have leave to report from time
to time;
That the Committee have power to adjourn from place
to place within the United Kingdom;
That the reports of the Committee from time to time
shall be printed, regardless of any adjournment of the House;
and
That the evidence taken by the Committee shall, if
the Committee so wishes, be published.
The motion was agreed to and a message was sent to
the Commons.
Extract from the House of Lords Minutes of Proceedings
of 13 September 2011
Draft Financial Services Bill—Lord Strathclyde
moved that, notwithstanding the Resolution of this House of 21
June, it be an instruction to the Joint Committee on the Draft
Financial Services Bill that it should report on the draft Bill
by 16 December 2011. The motion was agreed to.
Extract from the Votes and Proceedings of the House
of Commons of 13 September 2011
Draft Financial Services Bill (Joint Committee on)—The
Lords have come to the following resolution to which they desire
the agreement of the Commons: That, notwithstanding the Resolution
of this House of 21 June, it be an instruction to the Joint Committee
on the Draft Financial Services Bill that it should report on
the draft Bill by 16 December 2011.
Wednesday 20 July 2011
Present:
| Lord McFall of Alcluith
Lord Maples
Lord Newby
Baroness Wheatcroft
| Mr Nicholas Brown MP
Mr Peter Lilley MP
David Mowat MP
Mr David Ruffley MP
|
Members' interests: The full lists of Members' interests
as recorded in the Commons
Register of Members' Interest and the Lords Register
of Interests are noted. Declared interests are appended to the
report.
Lord McFall of Alcluith declared revenue from advising
KPMG on a consultancy basis.
Baroness Wheatcroft declared a shareholding in Barclays.
Mr Peter Lilley MP declared holdings in
a JP Morgan investment trust.
David Mowat MP declared shareholdings in Lloyds,
Credit Agricole, Barclays, Banco Santander, HSBC, Legal &
General, Prudential, RBS and Standard Chartered.
It is moved that Mr Peter Lilley MP do
take the Chair—(Lord Newby.)
The same is agreed to.
The Orders of Reference are read.
The Joint Committee deliberate.
The Call for Evidence is agreed to.
Ordered, That the public be admitted during the examination
of witnesses unless otherwise ordered.
Ordered, That written evidence and the uncorrected
transcripts of evidence given, unless the Committee otherwise
ordered, be published on the internet.
Ordered, That the Lords Delegated Powers and Regulatory
Reform Committee be invited to submit a memorandum to the Committee.
Ordered, That the Joint Committee be adjourned to
Tuesday 6 September at half-past Three o'clock.
Tuesday 6 September 2011
Present:
|
Baroness Drake
Lord Maples
Lord Newby
Lord Skidelsky
Baroness Wheatcroft
| Mr Nicholas Brown MP
David Laws MP
David Mowat MP
Mr George Mudie MP
Mr David Ruffley MP
|
Mr Peter Lilley MP (in the Chair)
The Joint Committee deliberate.
Ordered, That Professors Alistair Milne and Kern
Alexander be appointed as Specialist Advisers.
Resolved, That the Joint Committee request an extension
to its deadline.
Ordered, That the Joint Committee be adjourned to
Thursday 8 September at 9.30am.
Thursday 8 September 2011
Present:
|
Baroness Drake
Lord Maples
Lord McFall of Alcluith
Lord Newby
Lord Skidelsky
Baroness Wheatcroft
| Mr Nicholas Brown MP
David Laws MP
David Mowat MP
Mr George Mudie MP
Mr David Ruffley MP
|
Mr Peter Lilley MP (in the Chair)
The Joint Committee deliberate.
The following witnesses are examined:
Mr Charles Dumas, Chairman, Lombard Street Research
Ltd, Ms Gillian Tett, US Managing Editor, Financial Times; and
Lord Burns, non-Executive Chairman of Santander UK plc and of
Alliance & Leicester plc.
Ordered, That the Joint Committee be adjourned to
Tuesday 13 September at 3.30pm.
Tuesday 13 September 2011
Present:
| Baroness Drake
Lord Maples
Lord McFall of Alcluith
Lord Newby
Lord Skidelsky
Baroness Wheatcroft
| Mr Nicholas Brown MP
David Laws MP
David Mowat MP
Mr George Mudie MP
Mr David Ruffley MP
|
Mr Peter Lilley MP (in the Chair)
The Joint Committee deliberate.
The following witnesses are examined:
Mr Andrea Enria, Chairman, European Banking
Authority.
Ordered, That the Joint Committee be adjourned to
Thursday 15 September 2011 at 8.15am.
Thursday 15 September 2011
Present:
|
Baroness Drake
Lord Maples
Lord McFall of Alcluith
Lord Newby
Lord Skidelsky
Baroness Wheatcroft
| Mr Nicholas Brown MP
David Laws MP
David Mowat MP
Mr George Mudie MP
Mr David Ruffley MP
|
Mr Peter Lilley MP (in the Chair)
The Joint Committee deliberate.
The following witnesses are examined:
Dr Malcolm Edey, Assistant Governor (Financial
system) of the Reserve Bank of Australia (via video link);
Ms Christine Farnish, Chair, Consumer Focus, Mr Peter
Vicary-Smith, Chief Executive, Which?, Ms Gillian Guy, Chief Executive,
Citizens Advice Bureau, Mr Martin Lewis, moneysavingexpert.com
and Mr Paul Lewis, freelance financial journalist; Mr Mark
Neale, Chief Executive, Financial Services Compensation Scheme;
Ms Natalie Ceeney, Chief Executive and Chief Ombudsman, Financial
Ombudsman Service; and Mr Tony Hobman, Chief Executive, Money
Advice Service.
Ordered, That the Joint Committee be adjourned to
Tuesday 11 October 2011 at 3.30pm.
Tuesday 11 October 2011
Present:
|
Baroness Drake
Lord Maples
Lord McFall of Alcluith
Lord Newby
Baroness Wheatcroft
| Mr Nicholas Brown MP
David Laws MP
David Mowat MP
Mr George Mudie MP
Mr David Ruffley MP
|
Mr Peter Lilley MP (in the Chair)
The Joint Committee deliberate.
The following witnesses are examined:
Rt Hon Alistair Darling MP, former Chancellor
of the Exchequer (2007-10); Professor Charles Goodhart
CBE, Professor Emeritus of Banking and Finance, London School
of Economics, Professor Eilis Ferran, Professor of Companies
and Securities Law, Cambridge University, and Professor John
Kay, Economist.
Ordered, That the Joint Committee be adjourned to
Thursday 13 October 2011 at 9.30am.
Thursday 13 October 2011
Present:
|
Baroness Drake
Lord Maples
Lord McFall of Alcluith
Lord Skidelsky
Baroness Wheatcroft
| Mr Nicholas Brown MP
David Mowat MP
Mr David Ruffley MP
|
Mr Peter Lilley MP (in the Chair)
The Joint Committee deliberate.
The following witness is examined:
Sir John Vickers, Chair, Independent Commission
on Banking.
Ordered, That the Joint Committee be adjourned to
Tuesday 18 October 2011 at 3.30pm.
Tuesday 18 October 2011
Present:
|
Baroness Drake
Lord Maples
Lord McFall of Alcluith
Lord Newby
Lord Skidelsky
Baroness Wheatcroft
| Mr Nicholas Brown MP
David Laws MP
David Mowat MP
Mr David Ruffley MP
|
Mr Peter Lilley MP (in the Chair)
The Joint Committee deliberate.
The following witnesses are examined:
Mr Peter Beales, Managing Director, Policy Division,
Association of Financial Markets in Europe (AFME), and Mr Mark
Florman, Chief Executive, British Private Equity and Venture Capital
Association (BVCA); Mr Richard Saunders, Chief Executive,
Investment Management Association (IMA), Mr Ian Cornwall,
Chief Executive, Association of Private Client Investment Managers
and Stockbrokers, and Mr David Paterson, Head of Corporate
Governance, National Association of Pension Funds.
Ordered, That the Joint Committee be adjourned to
Thursday 20 October 2011 at 9.30am.
Thursday 20 October 2011
Present:
|
Lord Maples
Lord Newby
Lord Skidelsky
Baroness Wheatcroft
| Mr Nicholas Brown MP
David Laws MP
Mr David Ruffley MP
|
Mr Peter Lilley MP (in the Chair)
The Joint Committee deliberate.
The following witnesses are examined:
Mr Russell Collins, Chairman, Financial Services
Practitioner Panel; Mr Guy Matthews, Chairman, FSA Smaller
Businesses Practitioner Panel, Mr Adam Phillips, Chairman,
Financial Services Consumer Panel, and Sir Anthony Holland,
Complaints Commissioner; Mr Mark Lyonette, Chief Executive,
Association of British Credit Unions Limited, Mr Martin Shaw,
Chief Executive, Association of Financial Mutuals, Mr Jeremy
Palmer, Head of Financial Policy, Building Societies Association,
Mr Steve Gay, Director General, Association of Independent
Financial Advisers, and Mr Nick Cann, Chief Executive, Institute
of Financial Planning; Andre Villeneuve, Chairman, International
Regulatory Strategy Group (City of London).
Ordered, That the Joint Committee be adjourned to
Tuesday 25 October 2011 at 3.30pm.
Tuesday 25 October 2011
Present:
|
Baroness Drake
Lord McFall of Alcluith
Lord Newby
Lord Skidelsky
Baroness Wheatcroft
| Mr Nicholas Brown MP
David Laws MP
David Mowat MP
Mr David Ruffley MP
|
Mr Peter Lilley MP (in the Chair)
The Joint Committee deliberate.
The following witnesses are examined:
Maggie Craig, Director of Conduct Regulation, and
Hugh Savill, Director of Prudential Regulation and Taxation, Association
of British Insurers.
Ordered, That the Joint Committee be adjourned to
Thursday 27 October 2011 at 9.30am.
Thursday 27 October 2011
Present:
|
Baroness Drake
Lord McFall of Alcluith
Lord Newby
Lord Skidelsky
Baroness Wheatcroft
| Mr Nicholas Brown MP
David Laws MP
David Mowat MP
Mr David Ruffley MP
|
Mr Peter Lilley MP (in the Chair)
The Joint Committee deliberate.
The following witness is examined:
Sir John Gieve, Deputy Governor of the Bank
of England, 2006-09.
The Joint Committee deliberate.
Ordered, That the Joint Committee be adjourned to
Tuesday 1 November 2011 at 3.30pm.
Tuesday 1 November 2011
Present:
|
Baroness Drake
Lord Maples
Lord McFall of Alcluith
Lord Newby
Lord Skidelsky
Baroness Wheatcroft
| Mr Nicholas Brown MP
David Laws MP
David Mowat MP
George Mudie MP
Mr David Ruffley MP
|
Mr Peter Lilley MP (in the Chair)
The Joint Committee deliberate.
The following witnesses are examined:
Bob Diamond, Chief Executive, Barclays; Stuart Gulliver,
Chief Executive, HSBC and Stephen Hester, Chief Executive, Royal
Bank of Scotland.
Ordered, That the Joint Committee be adjourned to
Thursday 3 November 2011 at 9.30am.
Thursday 3 November 2011
Present:
|
Baroness Drake
Lord McFall of Alcluith
Lord Newby
Baroness Wheatcroft
| Mr Nicholas Brown MP
David Laws MP
David Mowat MP
George Mudie MP
Mr David Ruffley MP
|
Mr Peter Lilley MP (in the Chair)
The Joint Committee deliberate.
The following witnesses are examined:
Bank of England: Sir Mervyn King, Governor;
Paul Tucker, Deputy Governor for Financial Stability; and Andrew
Bailey, Deputy Chief Executive designate of the PRA
Ordered, That the Joint Committee be adjourned to
Tuesday 8 November 2011 at 3.30pm.
Tuesday 8 November 2011
Present:
|
Baroness Drake
Lord Maples
Lord McFall of Alcluith
Lord Newby
Lord Skidelsky
Baroness Wheatcroft
| Mr Nicholas Brown MP
David Mowat MP
George Mudie MP
Mr David Ruffley MP
|
Mr Peter Lilley MP (in the Chair)
The Joint Committee deliberate.
The following witnesses are examined:
Andrew Procter, Global Head of Government and Regulatory
Affairs, Deutsche Bank, Sally Dewar, Managing Director, International
Regulatory Risk, JP Morgan, and Robert Charnley, Head of Regulatory
Controllers, EMEA and Asia, Goldman Sachs.
The Joint Committee deliberate.
Ordered, That the Joint Committee be adjourned to
Thursday 10 November 2011 at 9.30am.
Thursday 10 November 2011
Present:
|
Baroness Drake
Lord Maples
Lord McFall of Alcluith
Lord Newby
Lord Skidelsky
Baroness Wheatcroft
| Mr Nicholas Brown MP
David Laws MP
George Mudie MP
|
Mr Peter Lilley MP (in the Chair)
The Joint Committee deliberate.
The following witnesses are examined:
Hector Sants (CEO of the FSA and CEO designate of
the PRA) and Lord Turner (Chairman of the FSA); Martin Wheatley,
Managing Director, Conduct Business Unit and CEO designate of
the FCA and Margaret Cole, Managing Director, Enforcement, Financial
Crime & Markets.
Ordered, That the Joint Committee be adjourned to
Tuesday 15 November 2011 at 3.30pm.
Tuesday 15 November 2011
Present:
|
Baroness Drake
Lord Maples
Lord McFall of Alcluith
Lord Newby
Lord Skidelsky
Baroness Wheatcroft
| Mr Nicholas Brown MP
David Laws MP
David Mowat MP
George Mudie MP
David Ruffley MP
|
Mr Peter Lilley MP (in the Chair)
The Joint Committee deliberate.
Resolved, That the Joint Committee visit the Bank
of England in connection with its inquiry.
The following witnesses are examined:
Rt Hon George Osborne, Chancellor of the Exchequer
and Mr Mark Hoban, Financial Secretary, HM Treasury.
The Joint Committee further deliberate.
Ordered, That the Joint Committee be adjourned to
Monday 21 November at 2.30pm.
Monday 21 November 2011
Present:
| Lord McFall of Alcluith
Lord Newby
Lord Skidelsky
Baroness Wheatcroft
| Mr Nicholas Brown MP
David Mowat MP
David Ruffley MP
|
Mr Peter Lilley MP (in the Chair)
At 2.30pm, the Joint Committee attended a meeting
at the Bank of England, in accordance with the Committee's decision
of 15 November. The Committee met with Sir Mervyn King, Governor,
Paul Tucker, Deputy Governor for Financial Stability; and Andrew
Bailey, Deputy Chief Executive designate of the PRA.
Ordered, That the Joint Committee be adjourned to
Tuesday 22 November 2011 at 3.30pm.
Tuesday 22 November 2011
Present:
|
Baroness Drake
Lord Maples
Lord McFall of Alcluith
Lord Newby
Lord Skidelsky
Baroness Wheatcroft
| David Mowat MP
David Ruffley MP
|
Mr Peter Lilley MP (in the Chair)
The Joint Committee deliberate
Ordered, That the Joint Committee be adjourned to
Tuesday 6 December 2011 at 3.30pm.
Tuesday 6 December 2011
Present:
|
Baroness Drake
Lord Maples
Lord McFall of Alcluith
Lord Newby
Lord Skidelsky
Baroness Wheatcroft
| Nicholas Brown MP
David Laws MP
David Mowat MP
George Mudie MP
David Ruffley MP
|
Mr Peter Lilley MP (in the Chair)
A draft Report is presented by the Chairman.
The Joint Committee deliberate
Ordered, That the Joint Committee be adjourned to
Thursday 8 December 2011 at 9.30am.
Thursday 8 December 2011
Present:
|
Baroness Drake
Lord McFall of Alcluith
Lord Newby
Lord Skidelsky
Baroness Wheatcroft
| Nicholas Brown MP
David Laws MP
David Mowat MP
George Mudie MP
David Ruffley MP
|
Mr Peter Lilley MP (in the Chair)
A draft Report is presented by the Chairman.
The Joint Committee deliberate
Ordered, That the Joint Committee be adjourned to
Tuesday 13 December 2011 at 3.30pm.
Tuesday 13 December 2011
Present:
|
Baroness Drake
Lord Maples
Lord McFall of Alcluith
Lord Newby
Lord Skidelsky
Baroness Wheatcroft
| Nicholas Brown MP
David Laws MP
David Mowat MP
George Mudie MP
David Ruffley MP
|
Mr Peter Lilley MP (in the Chair)
A revised draft Report is presented by the Chairman.
The Summary is agreed to.
The Appendices to the Report are agreed to.
Ordered, That the Summary of Conclusions and Recommendations
be printed at the end of the Report.
The Committee agrees that the draft Report, be the
Report of the Joint Committee.
Ordered, That certain papers be appended to the Minutes
of Evidence.
Ordered, That embargoed copies of the Report be made
available, in accordance with the provisions of Standing Order
No 134 of the House of Commons.
Ordered, That the Joint Committee be now adjourned.
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