Why so little comment on the committee stage of the Financial Services and
Markets Bill wending its torturous way through the House of Lords with
nearly 1,500 amendments being debated and more to come?
This bill is intended to replace the 1986 Financial Services Act which was
itself rushed through Parliament with numerous quirks and flaws that MM
columns attest to weekly. The legislation is designed to fit into a
Parliamentary timetable regardless of the numerous errors in the original
Its as though the cake is already in the oven with the timer set and the
recipe changes minute by minute.
This is no way to conduct major legislation. It is well known that the
people who draught Parliamentary bills are massively underpaid compared
with their barrister colleagues who coin millions because of bad law.
There is massive complexity in the bill which still enshrines statutory
immunity for regulators who are not going to be accountable to Parliament.
Few understand what is going on,
The Bill, with the proposed amendments, should be republished with
explanations and more time should be allowed for public comment.