Case For Effective Banking Regulation

EDM number 2339 in 1992-93, proposed by Alistair Darling on 19/07/1993.

That this House believes that it is time effectively to regulate the British banking system and to end the light touch supervision presently exercised by the Bank of England; believes that an effective regulatory system would promote better choice and effective competition and would counter the effective monopoly presently enjoyed by the clearing banks; believes that it is unacceptable for banks to hold information on their customers without their consent and that no information should be passed on to any third party without express consent; calls on the National Westminster Bank to explain why it holds information on its customers' political leanings; further calls on every other bank clearly to state what information it holds on its customers; and further calls upon the Government at last to accept that the regulation of banks and financial institutions is of the utmost importance and to abandon its present policy of complete lack of interest in these matters.

This motion has been signed by a total of 77 MPs.