Motion made, and Question proposed,
That, for the purposes of any Act resulting from the Financial Services Bill, it is expedient to authorise the payment into the Consolidated Fund of sums in respect of penalties imposed under the Financial Services and Markets Act 2000 or the Banking Act 2009.—(Greg Clark.)
I am conscious that time is moving on apace, but I have a quick question for the Minister. Under this motion, the destination of proceeds arising from fines imposed on financial services companies will henceforth not solely be the financial service regulators; it will also be the Consolidated Fund. What proportion of fines will still go to the regulators and what proportion will go to the Consolidated Fund, and is there a note on the methodology by which the regulators calculate the level of these fines? Barclays was fined almost £60 million for the LIBOR scandal in the summer, but there are issues in respect of how fines are set. Some £150 million has been levied so far this year, and it is understandable that these sums ought to come into the wider public purse, but will the Minister briefly say how that will happen?
I am grateful for the chance to explain that. There is not a formula, because the funds that come to the Exchequer are net of the enforcement costs the Financial Services Authority incurs. In any given year, things would depend on what has been spent and what revenues come in, therefore.
Question put and agreed to.
Financial Services Bill (Programme) (No. 4)
Motion made, and Question put forthwith (Standing Order No. 83A(7)),
That the following provisions shall apply to the Financial Services Bill for the purpose of supplementing the Orders of 6 February, 21 February and 23 April 2012 (Financial Services Bill (Programme), Financial Services Bill (Programme) (No. 2) and Financial Services Bill (Programme) (No. 3)):
Consideration of Lords Amendments
1. Proceedings on consideration of Lords Amendments shall (so far as not previously concluded) be brought to a conclusion at 10.00 pm.
2. The proceedings shall be taken in the order shown in the first column of the following Table.
3. The proceedings shall (so far as not previously concluded) be brought to a conclusion at the times specified in the second column of the Table.
Time for conclusion of proceedings
Nos. 1 to 23
Nos. 24 to 58
Nos. 59 to 290
4. Any further Message from the Lords may be considered forthwith without any Question being put.
5. The proceedings on any further Message from the Lords shall (so far as not previously concluded) be brought to a conclusion one hour after their commencement.—(Greg Clark.)
Question agreed to.