Member

My Amendments 73 and 76 concern the Treasury’s recommendations to the FCA and the PRA. Under Section 1JA of FSMA, the Treasury has the power to make recommendations to the FCA on a lot of things, including how to advance its operational objectives, how to discharge its competitive and growth objectives, and the application of the regulatory principles. There is a slightly shorter list for the PRA in Section 30B of the Banking Act 2009. Clause 16 eviscerates these provisions so that the Treasury’s power of recommendation now extends only to the flimsy five-year strategies required by Clause 16.