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Complex bill must have more time

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.

Roy Bennett




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