Member

Amendments 71 and 74 would amend new Clauses 1JZA and 2E so that the FCA and the PRA are required to consult persons affected by the strategy, including of course the firms that they regulate. One of the apparent aims of the Bill is to eliminate or reduce consultation by the regulators, and we will come on to that later. In Clause 16, consultation is simply ignored. This would be bad practice for any regulator but it is incredibly bad practice when the regulators have such a big impact on the firms which together comprise the largest sector in our economy.