I want to be charitable this evening, because I believe that there will be a change of Government in three to four months, and that is a good thing. The democratic wheel turns and other people get their turn in Parliament; and then in 10 years' time we will all...

I want to be charitable this evening, because I believe that there will be a change of Government in three to four months, and that is a good thing. The democratic wheel turns and other people get their turn in Parliament; and then in 10 years' time we will all...

It was £250 million.

It was £250 million.

But surely my hon. Friend the Member for Wolverhampton, South-West was saying that there is no competition. It is not that people are queuing up; they are offered loans on the doorstep by others from their community who, supposedly, are genuinely lending money, but there is no educative process and...

But surely my hon. Friend the Member for Wolverhampton, South-West was saying that there is no competition. It is not that people are queuing up; they are offered loans on the doorstep by others from their community who, supposedly, are genuinely lending money, but there is no educative process and...

I completely agree with the right hon. Gentleman, as I often seek to do. I want to agree with him on his new clause, but I do not think that I shall be able to, because it is misguided—it misunderstands the problem and the solution. He gave a hint of...

I completely agree with the right hon. Gentleman, as I often seek to do. I want to agree with him on his new clause, but I do not think that I shall be able to, because it is misguided—it misunderstands the problem and the solution. He gave a hint of...

Several people who complained about their charges referred the matter to the Financial Ombudsman Service, but the problem with the judgment reached by the Supreme Court is that the many complaints outstanding with the ombudsman and the county court system were left in limbo. The expectation, or the hope, was...

Several people who complained about their charges referred the matter to the Financial Ombudsman Service, but the problem with the judgment reached by the Supreme Court is that the many complaints outstanding with the ombudsman and the county court system were left in limbo. The expectation, or the hope, was...

I, too, enjoyed serving on the Committee that considered the Bill, and shall say some nice words about the Minister. He has worked incredibly hard over the past two years—some people have worked him too hard. He has announced that he is leaving the House at the next election. I...

I, too, enjoyed serving on the Committee that considered the Bill, and shall say some nice words about the Minister. He has worked incredibly hard over the past two years—some people have worked him too hard. He has announced that he is leaving the House at the next election. I...

I followed the arguments made by the hon. Member for Foyle (Mark Durkan) closely and I liked his metaphor about the twilight zone, because the Minister and I have discussed the Presbyterian Mutual Society and just where it sits in the regulatory framework. If the hon. Member for Foyle is...

I followed the arguments made by the hon. Member for Foyle (Mark Durkan) closely and I liked his metaphor about the twilight zone, because the Minister and I have discussed the Presbyterian Mutual Society and just where it sits in the regulatory framework. If the hon. Member for Foyle is...

The Economic Secretary has mentioned the Maginot line, which fits in well with my reference to appeasement, because the Maginot line was broken almost immediately afterwards. The real question is, "Who is in control?" Does the Economic Secretary accept that, when he talks about jurisdiction, the European Union and the...

The Economic Secretary has mentioned the Maginot line, which fits in well with my reference to appeasement, because the Maginot line was broken almost immediately afterwards. The real question is, "Who is in control?" Does the Economic Secretary accept that, when he talks about jurisdiction, the European Union and the...

It is important that we ensure that banks do not end up cross-subsidising the more affluent account holders by levying disguised high relative charges on the less well-off. However, I am not an advocate of a system of bank charges that will conceal the true cost from customers. I fear...

It is important that we ensure that banks do not end up cross-subsidising the more affluent account holders by levying disguised high relative charges on the less well-off. However, I am not an advocate of a system of bank charges that will conceal the true cost from customers. I fear...

Then I merely say, Madam Deputy Speaker, that new clause 11 would insert after the word "Treasury" the words,""the Council for Financial Stability"," and that that makes my point. The council for financial stability contained in these clauses is part and parcel of a proposal that Conservative Members are putting...

Then I merely say, Madam Deputy Speaker, that new clause 11 would insert after the word "Treasury" the words,""the Council for Financial Stability"," and that that makes my point. The council for financial stability contained in these clauses is part and parcel of a proposal that Conservative Members are putting...

Financial Services Bill. Report stage. New clause 1, discussed with new clauses 2, 3, 4, 5, 6, 7, 14 debated and withdrawn. New clause 8 debated and withdrawn. New clause 9, discussed with new clause 15, debated and withdrawn. New clause 10 debated and withdrawn. New clauses 11, discussed with new clause 12, debated and negatived on division. New clause 14 debated and negatived on division. Third reading debate. Agreed to on question and Bill passed.

Financial Services Bill. Report stage. New clause 1, discussed with new clauses 2, 3, 4, 5, 6, 7, 14 debated and withdrawn. New clause 8 debated and withdrawn. New clause 9, discussed with new clause 15, debated and withdrawn. New clause 10 debated and withdrawn. New clauses 11, discussed with...

I have mentioned the protocol, as my hon. Friend knows. Clearly, the Bank needs to have the information it requires to perform its duties and responsibilities, but I do not think there is a massive point of principle. On amendment 8, the FSA is already required to submit an annual...

I have mentioned the protocol, as my hon. Friend knows. Clearly, the Bank needs to have the information it requires to perform its duties and responsibilities, but I do not think there is a massive point of principle. On amendment 8, the FSA is already required to submit an annual...

I shall not detain the Chamber long, Mr. Speaker. The Bill was born of the need to learn lessons, and it must be said that many of those things were not spotted by the original regulatory and supervisory system. It introduces some sensible measures, most of which we can wholeheartedly...

I shall not detain the Chamber long, Mr. Speaker. The Bill was born of the need to learn lessons, and it must be said that many of those things were not spotted by the original regulatory and supervisory system. It introduces some sensible measures, most of which we can wholeheartedly...

I agree entirely. The segmentation of balances and their treatment for interest and repayment purposes is not well understood. In fact, anybody who is even reasonably financially educated would find it difficult to make a precise distinction between them. A hard-nosed approach must be taken to the repayment of high-cost...

I agree entirely. The segmentation of balances and their treatment for interest and repayment purposes is not well understood. In fact, anybody who is even reasonably financially educated would find it difficult to make a precise distinction between them. A hard-nosed approach must be taken to the repayment of high-cost...

The proposed changes do not touch upon the widespread practice by store card and, indeed, other credit card organisations of ensuring that the part of the credit with the lowest interest rate is paid off first and the highest interest part is left until last. That practice should be much...

The proposed changes do not touch upon the widespread practice by store card and, indeed, other credit card organisations of ensuring that the part of the credit with the lowest interest rate is paid off first and the highest interest part is left until last. That practice should be much...

I thank hon. Members for some thoughtful speeches this afternoon. I am quite happy to take some ribbing from the hon. Member for Fareham (Mr. Hoban) on this topic, because, of course, the Labour party is not as monolithic as he might think. I have been propounding such measures for...

I thank hon. Members for some thoughtful speeches this afternoon. I am quite happy to take some ribbing from the hon. Member for Fareham (Mr. Hoban) on this topic, because, of course, the Labour party is not as monolithic as he might think. I have been propounding such measures for...

Let me begin by thanking my hon. Friend the Member for Wolverhampton, South-West (Rob Marris) for his kind comments at the beginning of his speech. His new clauses 1 to 7 would give the Office of Fair Trading the power to set a statutory limit on the total cost chargeable...

Let me begin by thanking my hon. Friend the Member for Wolverhampton, South-West (Rob Marris) for his kind comments at the beginning of his speech. His new clauses 1 to 7 would give the Office of Fair Trading the power to set a statutory limit on the total cost chargeable...

The hon. Gentleman makes an important point. I have not touched on it, nor was I intending to do so. However, a significant increase in the social fund would be required if it were to replace the home credit market. I cannot remember whether the hon. Member for Wolverhampton, South-West...

The hon. Gentleman makes an important point. I have not touched on it, nor was I intending to do so. However, a significant increase in the social fund would be required if it were to replace the home credit market. I cannot remember whether the hon. Member for Wolverhampton, South-West...

All of us would have a great deal of sympathy with what has been said over the past hour or so, because the provision of small, unsecured loans to vulnerable people or people on very low incomes has been a problem for an extremely long time. It is difficult to...

All of us would have a great deal of sympathy with what has been said over the past hour or so, because the provision of small, unsecured loans to vulnerable people or people on very low incomes has been a problem for an extremely long time. It is difficult to...

If we are going to get the social fund to fill the gap, we are starting to talk about a significant commitment to additional Government spending. There are alternatives, but I am not sure that they will plug the gap if the people in the home credit market choose to...

If we are going to get the social fund to fill the gap, we are starting to talk about a significant commitment to additional Government spending. There are alternatives, but I am not sure that they will plug the gap if the people in the home credit market choose to...