In September, I spoke in the Financial Services and Markets Bill debate that saw this Bill be introduced into parliament. I was pleased to have the opportunity to speak in the follow up debate as the Bill has now passed its committee stage scrutiny.
As I have set out in the past, I am in favour of this Bill and encourage its swift passage through Parliament. It is a vital piece of legislation that will protect the financial services sector in the UK, ensuring that it remains internationally competitive.
Protecting institutions such as the City of London is vitally important as we ensure that the sector is allowed to continue to grow and thrive away from the single market. Having engaged extensively with representatives of the sector, it is clear that this Bill is welcomed by the industry and seen as an important step in managing risk.
This Bill is an appropriate response to challenges faced by the sector, and I was glad to see it largely unamended during committee stage where it received line-by-line scrutiny. Some proposed amendments brought by colleagues were useful additions, but I was keen to use my speech to challenge the inclusion of New Clause 27 and to press Ministers on the need to sure up financial regulators such as the FCA.
