Speeches by Dean.

“Of course, the industry will sell that as a real plus for consumers. They will pitch it as, “If you just prove you’re healthy, you’ll get lower premiums,” but for everybody else who sits outside that, it is an issue. The other problem it presents is that it removes the bit that happens between the consumer and the insu…”

“Industry is very relaxed about this. It thinks that this is a positive development.”

“We took some evidence from insurance companies and the regulators earlier, and they were quite relaxed about lots of the innovations that might come from the AI space that present ethical conundrums. I appreciate what you are saying about the consumer duty and the Equality Act setting a framework, but AI is also going …”

“Can I take it from that that you think it is important for Britain to have its own AI superpower on which financial services can rely? Do you think we should have sovereign AI capability?”

“My final question is not directly related to financial stability but to the UK’s position as a financial leader. You mentioned all the opportunities that AI presents, and you also said that we have a strong AI sector. That is true, but many of our best companies will end up being snapped up by a handful of US tech comp…”

“Do we have to wait for the third parties regime to be in place to start demanding that sort of information, or can we already demand information about security policies?”

“You mentioned the existing frameworks; maybe officials want to come in on this. Do we have the ability now to get the cloud providers to disclose their security policies? I am thinking particularly about this incident and the fact that HMRC data is held overseas. Are we aware of what their security policies are now, an…”

“I hesitate to say this, but some of the information is out there. We know what percentage of cloud services is provided by how many companies, so some of it is strikingly obvious to the public. When we see some of the big failures in recent weeks, it makes us feel slow, or not quick enough, to respond to these developm…”

“Are you happy with it being that way around? Shouldn’t the Government have the ability to act sooner if they feel that they need to do so?”

“On the process, it was explained to us that we have to wait for recommendations from the financial service industry. Is that a problem? Should the Treasury not be able to act sooner if it thinks it is in the nation’s interest to do that?”

“That is my point, though: we anticipated these problems; we did not need the outage to tell us that we needed some companies to go on to the regime. On 9 October, we heard from Amazon Web Services that they expect to be designated as a critical third party. Google Cloud says the same. They are waiting to be placed on t…”

“I want to go back to the critical third parties regime. The rules were under development for a while. This time last year, they finally published the rules, which came into effect from January this year, and still we have nobody in place. Presumably, we came up with those rules in the first place because we anticipated…”

“With those international comparisons, another thing that often sticks out is Britons’ obsession with putting their money into property instead. Are you thinking about the interaction between the two? This process is not only about making retail investing attractive; it is also about how retail investing compares with t…”

“My question was along the same track, really; it was specifically about the timing of the retail investment campaign. You make a good case, rationally, for why people should invest, but people are quite behavioural in their responses a lot of the time. If the Government endorse a huge campaign that encourages people to…”

“I declare an interest in that my wife works for Save the Children. Indeed, I met her while working in the sector almost 11 years ago to this day. I start by setting out some context around the erosion of the budget, because it has not just been reduced in absolute terms but as a proportion. That makes some of the argum…”

“The right hon. Lady is making an excellent case for international aid and is talking about the need for it to evolve and to be better and bigger in some ways. Why therefore is her party proposing cutting the aid budget to 0.1%?”

“I associate myself with the comments about hurricane victims and, indeed, with the comments about Prunella Scales. Earlier this week, we were treated to the delight of a Conservative Opposition day, and the main thing we learned is that the Conservatives do enjoy being in opposition. We had the shadow Housing Secretary…”

“I thank the Chair for her Committee’s report. She mentioned the possible determination of genocide and said that, in her personal view, that is what has taken place. Of course, a UN report has reached that conclusion as well. I am fairly certain that that should place certain obligations on the UK, so will the Committe…”

“Moving on to fraud—speaking of— I would like to focus on how fraud destroys lives. It eradicates people’s savings, it plunges people into debt and it diminishes people’s faith in human nature. Fraud is on the rise—it is up by almost a fifth—and it makes up nearly half of all crime in the UK. I know that the Government …”

“The hon. Lady is making some excellent points. I really think it is the radical solutions that we need to consider. I should probably declare an interest as a director of a right-to-manage company—we got so fed up with the freeholder failing to manage our building properly that we took back control. However, as she poi…”