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Volume 705: debated on Wednesday 19 November 2008

asked Her Majesty's Government:

Further to the reply by Lord Myners on 11 November (Official Report, col. 550), how they intend to ensure that the initiative for new financial regulations will come from Her Majesty's Government and not the European Union. [HL6315]

The Financial Services Authority, the Bank of England and Her Majesty's Treasury are responsible for financial regulation in the UK. The Government have already announced certain banking reforms. The Chancellor has asked the noble Lord, Lord Turner, the chairman of the FSA, to make recommendations on the reform of financial regulation. The UK works with EU partners to ensure that EU proposals for regulation are appropriate and effective.