G20 Finance Ministers' Meeting
Philip Dunne challenges the Chancellor over instructions limiting Lord Turner's review of the regulatory structure in the financial sector.
Mr. Philip Dunne (Ludlow) (Con): It seems that Lord Turner may have started his review of the regulatory structure with one hand tied behind his back by the present Chancellor and the other tied by his predecessor. Would that be because the Chancellor, as architect of the existing Financial Services Authority, does not want to recognise that any of the plans were perhaps at fault? The regulator has acknowledged that it fell down in its first review of a high-impact firm. Why, therefore, has the Chancellor told Lord Turner not to look afresh at regulation, but just to bolster up failed plans?
Mr. Darling: I do not think that I said anything of the sort to Lord Turner. Knowing Lord Turner, I do not think that he is the sort of person who is ever likely to do anything if he feels that his hands are tied. He had a free hand. He was asked to look at what he thought needed to be put right. When we see his recommendations, I am sure that the hon. Gentleman and others will find that.
