Member

I am glad that my noble friend Lord Jackson drew the Committee’s attention to the recent report by the All-Party Parliamentary Group on Investment Fraud and Fairer Financial Services scrutinising the work of the Financial Conduct Authority—another of the many regulators that Parliament has brought about over the decades. It was an excoriating report, as the snippets from it that my noble friend referred to point out. As he says, it is important that it is an all-party group that brought that report forward. My noble friend mentioned the membership of the group of the noble Lord, Lord Sikka. I say to the Minister that the cross-party group of parliamentarians from both Houses that brought that report forward, dismayed at the work of the existing regulator, the FCA, includes her noble friends Lady Goudie, Lord Browne of Ladyton, Lord McNicol of West Kilbride, Lord Davies of Brixton, Lord Haskel and Lord Harris of Haringey, who was with us earlier but is no longer in his place. I believe that the noble Lord, Lord Mann, was a member of the group, as were 15 Labour Members of Parliament in another place. It includes other Members from across your Lordships’ House, such as the noble Baroness, Lady Bennett of Manor Castle, and, from the Liberal Democrats, the noble Baronesses, Lady Bowles of Berkhamsted and Lady Ludford, and the noble Lord, Lord Fox.