In debates in the House of Lords before the second reading of the Financial Services Bill on Monday 11 June, Lord Turnbull said:
"I do not have time to go into the provisions relating to the FCA in any detail. I will simply say that I share the concerns that were expressed about how we can ensure that it operates in a way that is proportionate, fair and reasonable. I particularly commend the analysis provided in a paper published jointly by Herbert Smith LLP and the LSE".
To request a copy of the joint LSE/Herbert Smith paper, click here.
After the second reading, Lord Sassoon's motion that the Bill be committed to a Grand Committee met with opposition on the grounds that the Bill raised vital issues and should be debated in Committee on the Floor of the House, and draw upon the wealth of information and understanding in the House of Lords. If the Bill passed to a Grand Committee, it was felt that there would fundamentally only be one opportunity to test the opinion of the House, namely on Report, because the ability to test matters at Third Reading is restricted.
The motion was withdrawn to allow for further discussions.
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