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Lord Forsyth of Drumlean: My Lords, would it have been more sensible to carry out the cost benefit analysis before introducing the legislation in the first place?

Lord Sainsbury of Turville: No, my Lords, there is a matter of principle here about which we feel strongly. It is not possible to carry out the cost benefit analysis of all those things unless one has the principle established and is looking at detailed consultations. That is the sensible moment to carry out the cost benefit analysis. That is the common situation throughout the Bill: where we are taking some back-up powers it is on the basis that we would carry out the cost benefit analysis when considering whether to introduce the regulatory power. I return to the common ground. If noble Lords believe that we are right to encourage the voluntary approach, they should support the taking of power that will serve to underpin this good progress. If noble Lords believe that individual investors are entitled to know what is being done with the shares they beneficially own and that that disclosure is beneficial, they should support the clause. Liberal of all parties who believe that people should know how companies do it should be right there supporting us on the last lap of the Bill.
 
23 May 2006 : Column 788
 
They should never be allowed to forget it. I therefore hope, but do not expect, that the noble Lord will withdraw the amendment.

Lord Hodgson of Astley Abbotts: My Lords, as the Minister will realise, that is a disappointing response after the evidence that we have given him. I am extremely grateful to the noble Lord, Lord Razzall, for his support. Trying to talk about clients is confusing the issue, because Clause 876(9) states,

There is nothing to do with clients; it is about the world at large. When the Minister starts trying to confuse that with talking about clients, with the greatest respect, on this last lap, he is slightly edging the truth. Clients are a different matter; this is about the public at large.

We do not accept that this provision is needed at this stage for the reasons I explained. I hope that when the Minister goes back to his office he will look at today's Financial Times, which contains an interview with Mr Ed Balls on his new role. He says that the City of London must retain its light touch and risk-based regulatory regime. This is neither light touch nor risk-based; it is a complete red herring. I intend to finish off the Bill with a bang rather than a whimper and I beg leave to seek the opinion of the House.

6.44 pm

On Question, Whether the said amendment (No. 96) shall be agreed to?

*Their Lordships divided: Contents, 125; Not-Contents, 120.


Division No. 3


CONTENTS

Addington, L.
Anelay of St Johns, B.
Astor of Hever, L.
Attlee, E.
Barker, B.
Brooke of Sutton Mandeville, L.
Brougham and Vaux, L.
Buscombe, B.
Byford, B.
Caithness, E.
Chadlington, L.
Chidgey, L.
Clement-Jones, L.
Colwyn, L.
Courtown, E.
Craigavon, V.
Crickhowell, L.
Cuckney, L.
Darcy de Knayth, B.
De Mauley, L.
Dean of Harptree, L.
Denham, L.
Dholakia, L.
Dixon-Smith, L.
D'Souza, B.
Dundee, E.
Eccles, V.
Eccles of Moulton, B.
Eden of Winton, L.
Elles, B.
Elliott of Morpeth, L.
Elton, L.
Erroll, E.
Falkland, V.
Feldman, L.
Finlay of Llandaff, B.
Fookes, B.
Forsyth of Drumlean, L.
Fowler, L.
Freeman, L.
Garden, L.
Geddes, L.
Gilmour of Craigmillar, L.
Glentoran, L.
Goodlad, L.
Hamilton of Epsom, L.
Harris of Richmond, B.
Hayhoe, L.
Henley, L.
Higgins, L.
Hodgson of Astley Abbotts, L.
Hooson, L.
Hunt of Wirral, L.
Hurd of Westwell, L.
Inglewood, L.
Jenkin of Roding, L.
Kilclooney, L.
Kimball, L.
King of Bridgwater, L.
Kirkwood of Kirkhope, L.
Laird, L.
Lawson of Blaby, L.
Linklater of Butterstone, B.
Liverpool, E.
Lucas, L.
McColl of Dulwich, L.
MacGregor of Pulham Market, L.
Mackie of Benshie, L.
McNally, L.
Mar, C.
Mar and Kellie, E.
Miller of Chilthorne Domer, B.
Miller of Hendon, B.
Montagu of Beaulieu, L.
Montgomery of Alamein, V.
Montrose, D.
Moore of Lower Marsh, L.
Morris of Bolton, B.
Murphy, B.
Murton of Lindisfarne, L.
Naseby, L.
Neuberger, B.
Newby, L.
Newton of Braintree, L.
Noakes, B.
Northbrook, L.
Northesk, E.
Oakeshott of Seagrove Bay, L.
O'Cathain, B.
Patten, L.
Pearson of Rannoch, L.
Peel, E.
Pilkington of Oxenford, L.
Rawlings, B.
Razzall, L. [Teller]
Reay, L.
Renton, L.
Roberts of Conwy, L.
Rodgers of Quarry Bank, L.
Rogan, L.
St John of Fawsley, L.
Seccombe, B. [Teller]
Selborne, E.
Shaw of Northstead, L.
Shephard of Northwold, B.
Shutt of Greetland, L.
Skelmersdale, L.
Skidelsky, L.
Smith of Clifton, L.
Soulsby of Swaffham Prior, L.
Stern, B.
Stewartby, L.
Taylor of Warwick, L.
Tordoff, L.
Trenchard, V.
Tugendhat, L.
Tyler, L.
Ullswater, V.
Vinson, L.
Waddington, L.
Wade of Chorlton, L.
Wakeham, L.
Walmsley, B.
Wilcox, B.
Willoughby de Broke, L.
Windlesham, L.

NOT-CONTENTS

Adams of Craigielea, B.
Adonis, L.
Ahmed, L.
Alli, L.
Amos, B. [Lord President.]
Anderson of Swansea, L.
Andrews, B.
Ashton of Upholland, B.
Bach, L.
Barnett, L.
Bassam of Brighton, L.
Berkeley, L.
Bernstein of Craigweil, L.
Bhatia, L.
Bhattacharyya, L.
Bilston, L.
Blackstone, B.
Borrie, L.
Bragg, L.
Brookman, L.
Campbell-Savours, L.
Carter of Coles, L.
Christopher, L.
Clinton-Davis, L.
Cohen of Pimlico, B.
Colville of Culross, V.
Corbett of Castle Vale, L.
Crawley, B.
Dahrendorf, L.
David, B.
Davies of Coity, L.
Davies of Oldham, L. [Teller]
Desai, L.
Dixon, L.
Dubs, L.
Elder, L.
Elystan-Morgan, L.
Evans of Parkside, L.
Evans of Temple Guiting, L.
Farrington of Ribbleton, B.
Faulkner of Worcester, L.
Foster of Bishop Auckland, L.
Fyfe of Fairfield, L.
Gale, B.
Gavron, L.
Gibson of Market Rasen, B.
Gilbert, L.
Gordon of Strathblane, L.
Goudie, B.
Grantchester, L.
Grocott, L. [Teller]
Harris of Haringey, L.
Hart of Chilton, L.
Haworth, L.
Henig, B.
Hollick, L.
Howarth of Breckland, B.
Howarth of Newport, L.
Howells of St. Davids, B.
Howie of Troon, L.
Hoyle, L.
Hughes of Woodside, L.
Hunt of Chesterton, L.
Hunt of Kings Heath, L.
Irvine of Lairg, L.
Janner of Braunstone, L.
Jay of Paddington, B.
Jones, L.
Judd, L.
Kinnock, L.
Kirkhill, L.
Lea of Crondall, L.
Leitch, L.
Lipsey, L.
Lofthouse of Pontefract, L.
McDonagh, B.
McIntosh of Hudnall, B.
MacKenzie of Culkein, L.
McKenzie of Luton, L.
Mason of Barnsley, L.
Maxton, L.
Moonie, L.
Morgan of Huyton, B.
Morris of Aberavon, L.
Morris of Yardley, B.
O'Neill of Clackmannan, L.
Parekh, L.
Pitkeathley, B.
Radice, L.
Randall of St. Budeaux, L.
Rea, L.
Rees of Ludlow, L.
Rendell of Babergh, B.
Robertson of Port Ellen, L.
Rooker, L.
Rowlands, L.
Royall of Blaisdon, B.
Sainsbury of Turville, L.
Scotland of Asthal, B.
Sewel, L.
Simon, V.
Smith of Finsbury, L.
Smith of Gilmorehill, B.
Soley, L.
Stoddart of Swindon, L.
Symons of Vernham Dean, B.
Taylor of Blackburn, L.
Taylor of Bolton, B.
Tomlinson, L.
Tunnicliffe, L.
Turnberg, L.
Turner of Camden, B.
Varley, L.
Warwick of Undercliffe, B.
Whitaker, B.
Whitty, L.
Wilkins, B.
Williamson of Horton, L.
Woolmer of Leeds, L.
Young of Norwood Green, L.


Resolved in the affirmative, and amendment agreed to accordingly.


 
23 May 2006 : Column 790
 

[*The Tellers for the Contents reported 125 votes; the Clerks recorded 126 names.]

6.56 pm

The Deputy Speaker (Lord Geddes): My Lords, before calling Amendment No. 97, I must advise the House that there was a printing error in the Marshalled List. The page reference should be 441 rather than 440.

Clause 896 [Commencement]:


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