Lord Sassoon, Commercial Secretary to the Treasury, repeated a government statement on financial services regulation in the House of Lords on 16 June.
The government statement, which was the answer to an Urgent Question in the House of Commons, set out plans to reform the regulatory system for financial services.
Issues raised in the responses and questions that followed included:
- composition and membership of the Independent Commission on Banking announced in the statement
- the future of the G20 commitment to establish internationally agreed rules on bank capital
- review of the governance of the Bank of England as a result of the announced reforms
- the relationship between macro-prudential supervision and micro-prudential regulation
- the effect of the Independent Commission on Banking on the UK banking system
- arrangements for the institutional changes
- pay and bonuses within the banking industry.
The Government uses statements to make announcements about matters of policy, government actions, and national or international emergencies. Statements are usually read out by a minister but can also be made in writing. A statement can be made in either or both Houses.
Members can respond or question the minister for a limited period following a statement.
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