On the 6th September 2017 Lord Leigh of Hurley asked Government “whether it is their policy to reduce unnecessary regulation of financial services; and if so, whether they intend to review current Financial Conduct Authority practices to ascertain whether that regulator is going beyond what is appropriate and necessary to fulfil that policy.” The Bishop of Southwark, the Rt Revd Christopher Chessun asked a follow up question:
The Lord Bishop of Southwark: My Lords, when do Her Majesty’s Government intend to implement in full the principal recommendations of the Parliamentary Commission on Banking Standards, published in June 2013?
Continue reading “Bishop of Southwark asks Government when it will implement Banking Standards Commission recommendations”
On 8th September 2016 the Bishop of St Albans, Rt Revd Alan Smith, led a debate in the House of Lords: “To ask Her Majesty’s Government what is their assessment of progress towards implementing the recommendations contained within the report of the Parliamentary Commission on Banking Standards, Changing banking for good.” The Archbishop of Canterbury, Most Rev & Rt Hon Justin Welby spoke in the debate, having previously served on the Parliamentary Commission on Banking Standards.
The Bishop of St Albans’ opening speech and the response of the Minister can be read here.
The Archbishop of Canterbury: My Lords, I add my congratulations to those of other noble Lords on the appointment of the noble Lord, Lord Ashton, as the Minister at DCMS. I have no doubt that we will come across each other again as “C”, “M” and “S” all seem to cover the Church in various forms. I should also say that I served on the Parliamentary Commission on Banking Standards and had the very good fortune to do so with the noble Baroness, Lady Kramer, from whom I learned a great deal. I am also chairman of the Church Commissioners, who were involved in seeking to buy some of the spin-off assets of the Royal Bank of Scotland.
I am grateful to the right reverend Prelate for arranging this debate. I agree entirely with his speech and indeed with the other four speakers that have been made before mine. I shall try to avoid repeating what they said. As we know, and as previous speakers have said, the key issue is banking culture. Culture comes from actions and decisions, and actions and decisions feed into culture. There is no doubt that changes introduced by the Government and the Bank of England have been extensive, and in many cases very effective. However, there are four linked areas, all of them around “too big to fail”, leading to what must be the long-term aim of ensuring that the Government do not have a contingent liability with respect to large banks that would result in them needing to provide support in the event of serious problems, as they had to do in 2008 at such cost. Continue reading “Archbishop speaks on banking reform, culture and practice”
On 8th September 2016 the Bishop of St Albans, Rt Revd Alan Smith, led a debate in the House of Lords: “To ask Her Majesty’s Government what is their assessment of progress towards implementing the recommendations contained within the report of the Parliamentary Commission on Banking Standards, Changing banking for good.”
The Bishop’s opening speech is below, followed by the response of the Minister. Other members spoke in the debate, including the Archbishop of Canterbury (speech here) who had served on the Parliamentary Commission on Banking Standards.
The Lord Bishop of St Albans: My Lords, I start this debate by saying how pleased I am to see the Minister responding today in his last time in his present role, although I look forward to working with him when he takes up his new duties at DCMS.
We are now three years on from the publication of the parliamentary commission’s report Changing Banking for Good. Thanks to the decisions made by this and previous Governments, our banking system is taking tentative but important steps along the road to recovery. We must not forget, however, the blunt summary in the report which laid out the scale of the problems with banks over the previous decade:
“Banks in the UK have failed in many respects. They have failed taxpayers, who had to bail out a number of banks including some major institutions, with a cash outlay peaking at £133 billion, equivalent to more than £2,000 for every person in the UK. They have failed many retail customers, with widespread product mis-selling. They have failed their own shareholders, by delivering poor long-term returns and destroying shareholder value. They have failed in their basic function to finance economic growth, with businesses unable to obtain the loans that they need at an acceptable price”.
Continue reading “Bishop of St Albans leads debate on banking reform”
On 11th April 2016, Lord Holmes of Richmond asked Her Majesty’s Government “what steps they are intending to take to address the issue of the unbanked and underbanked in the United Kingdom.” Lord Ashton of Hyde responded. The Bishop of Durham, the Rt Revd Paul Butler, asked a follow up question. Continue reading “Bishop of Durham highlights importance of Credit Unions”
On 11th November 2015 the House of Lords considered amendments in committee to the Government’s Bank of England and Financial Services Bill. Continue reading “Bank of England and Financial Services Bill – Bishop of Southwark speaks against amendment on ‘reverse burden of proof’”
On the 6th July 2015 Baroness Wheatcroft asked Her Majesty’s Government “whether the effects of algorithmic trading are being monitored and sufficiently regulated”. The Bishop of Chester, the Rt Revd Peter Forster asked a supplementary question.
Continue reading “Bishop of Chester asks question on rules for share ownership”
“at the same time as we are counselling people not to take on unsustainable debt, the Treasury is proposing to let the national debt free of past restraints. It seems that there is one rule for citizens and another for public authorities. That is the moral corruption of a time such as this.” – Rt Rev John Gladwin, 3/11/08
Continue reading “Archive: Rt Rev John Gladwin speech in Lords on moral corruption of increasing national and personal debt”