Chancellor George Osborne and financial secretary Mark Hoban answered questions on the planned overhaul of the country's regulatory framework during a parliament committee hearing.
Following are key comments from the Joint Committee hearing:
OSBORNE ON JUDGEMENT CALLS:
You cannot prescribe for every circumstance in legislation for something as complex as financial services and the financial system, so we have to rely on judgement. And I think the best thing we can do is ensure, whether it's with the financial conduct authority or the prudential regulator, that they are empowered to make judgement calls.
OSBORNE ON REGULATION DEADLINE
The judgement on when to introduce them was partly a judgement I asked John Vickers to make. He came to the conclusion that the backstop for this, the implementation of these reforms, should be 2019. I trusted his judgement on this. He's made his own judgement, I think it's a good one.
OSBORNE ON PUBLICATION OF GOVT RESPONSE TO ICB REPORT:
Between now and Christmas, probably closer to Christmas, we will publish the government's response (to the ICB report). But my current ambition is to do that in the middle of December.