Speeches by Grady.

“Obviously, people use Islamic finance in Britain because we have a Muslim population that includes many successful businesspeople who fund things through Islamic finance. Out of interest, what do you think about the fact that we are not issuing another sukuk? Does that have any impact on the UK’s position as an interna…”

“That means legislation.”

“I could take a picture on my phone and WhatsApp it to a journalist, couldn’t I? Will people have to keep their messages during market-sensitive periods?”

“I am chair of the APPG on Qatar, which will be relevant to the second hearing of this session.”

“I thought I might be.”

“Mr Bowler, with respect, it must be, because we have this serious leak and we cannot trace who leaked it or by what mechanism, so this is a fairly difficult inquiry. With that in mind, and with your review, what are the Treasury and the Government doing to make sure that, next time around, there is a better audit trail…”

“What about people’s phones? Will they have to safeguard their messages during market-sensitive periods so that they can be inspected?”

“This is a very complicated area, as you have explained. What you say suggests that people may have underestimated the impact of the changes. I want you to think for a moment about those people. Imagine you are a publican; you are a husband-and-wife team getting your two kids off to school; you have a load of stuff to d…”

“One last question. Evidently, you have been looking at this closely, but we have identified some concerns that there may still be gaps. Have you consulted with experts in the MOD about the safeguarding of confidential information?”

“Just before we move on to primary legislation again, the Consumer Credit Act passed in 1974, when we had only three TV channels and “Rising Damp” made its debut, and the ATM had come in only in 1967. It was a very different payments landscape.”

“Mr O’Neil, I am conscious that you have not had a chance to speak at all today. Is there anything you would want to add to that?”

“You mentioned lobbying earlier. We are discussing lobbying. Has there been any recent lobbying on keeping it at £85,000 as opposed to moving it up to £120,000 so that it is consistent?”

“The deposit protection limit has risen to £120,000. The PSR has said it will review the reimbursement level within a reasonable period of time. Is there a plan to review this in the near future?”

“You cannot really say anything about those at that stage. I will not press you on that, Mr Geale. Have firms got better at detecting and preventing APP fraud?”

“On these investigations, is it public who is being investigated yet?”

“I was going to start with the national payments vision, but push payment fraud appears to be on your mind, Mr Geale, so let us have a conversation about that. You have expressed various concerns in discussions with Mr Glen about how banks are dealing with push payment fraud. Are there any particular concerns you would …”

“More generally, there are various bits of competition law that allow for market studies, remedies and things like that.”

“I have one more quick question. Will the FCA and the PSR review what has happened in this context and other contexts, review the legislation and consider whether there is a need to change it to give you more powers?”

“I have a brief question and a follow-up to Mr Dean’s questions. Things such as the Competition Act 1998 are getting on a bit. Technological change in this world is moving very quickly across the piece. Are you satisfied, at a macro level, that you have the legal powers to mandate the big financial institutions to adopt…”

“There is one last question on this. We have a Payments Vision Delivery Committee, a Retail Payments Infrastructure Board and a delivery company, Pay.UK. There are various bodies involved. Of course, complexity and blurred responsibilities are classic ingredients for cost overruns and delays. With this delivery infrastr…”