Speeches by Glen.

“I want to look at growth and regulation, and I hope by the end to get some clarity about what you think can be done. In the Mansion House speech, the Chancellor said that the 2008 financial crisis resulted in a system that that had gone too far in seeking to eliminate risk taking, yet when Sam Woods came before us, he …”

“The PRA would say that they have all the tools to deal with any major disruption risks, but the argument goes that this is a legacy of comfort, which the country needs, that there is not going to be contamination from casino activities into our mainstream banking sector. You would say that that is a redundant, out-of-d…”

“Thank you, Mr Stuart. Mr Maru, I think you will take a different view. Barclays Capital is an entity that you have worked up over time; it is distinct from the other three banks here. Do you do you disagree with Mr Stuart? If you do, why do you disagree? Is it not just a convenience of your own company’s corporate jour…”

“What is not compelling in Mr Stuart’s logic?”

“But if the PRA have the tools at their disposal to deal with any crises that may exist with unforeseen circumstances, why does the logic of 16 or 17 years ago still prevail? A lot has been learned, and lots of other tools around the capitalisation of banks and the different mechanisms used to keep the banking sector se…”

“Thank you. Mr Nunn, do you agree more with Mr Stuart or Mr Maru? Are there other things, beyond ringfencing, that you would like to see happen that would be helpful for growth in your sector?”

“Loosen the lending criteria; I think that is well understood.”

“I am pressed for time because we have Treasury questions, so there is a hard stop today. Mr Thwaite, is there anything that you would like to add? First, for clarity, could you describe NatWest’s position on ringfencing?”

“My final question is related to the other side of it, and what your view is of what the FCA, in evidence to the Lords, described as “tolerable harm” from the consumer point of view. How should we, as a Committee, view the conundrum of some of the changes that Mr Nunn and Mr Stuart have set out that they agree with and …”

“Thank you for your answers.”

“Mr Nunn, I want to build with you on the point that has just been made about the advice and guidance review. You all said earlier that you want that to be a productive piece of work in terms of allowing you to grow your opportunities. In this outcome-based policy of the consumer duty, versus a rules-based policy, is th…”

“That is helpful, thank you.”

“But you favour a more prescriptive outcome from that review to give you comfort that you can extend the sort of assistance you offer your customers in a more wholesome and fuller way.”

“It is a bit random.”

“That is a really helpful, clear answer. Thank you.”

“We are quite alarmed that the FCA said that, while financial crime is one its top priorities for the next five years, it just sees it as being about having slower growth. Now you have all collectively had to implement the authorised push payment reimbursement scheme, I think, over the last seven months. I seem to recal…”

“What specifically?”

“Why do you think they do not contribute at the moment?”

“Could I focus on the strategic objectives and priority areas of the fund? Was it right to exclude what many would see as the most important sector, particularly at the current time, of defence? Do you have any strong views on that? There are obviously elements where there are gaps and needs, and we are facing some sign…”

“You are saying that the defence problem we had a few years ago has been fixed by other changes, so it does not matter that it is not included in this National Wealth Fund.”