Speeches by Dean.

“First, I associate myself with the comments made about Oliver Colvile’s passing and the Aberfan disaster. I wonder if we can have a debate about rhetoric colliding with reality. Earlier this week, we had the Chancellor, after years of telling us that we can make Brexit work, finally concede that things are not going so…”

“Our concern and that of the FPC would be whether that could, although it might not look like another direct impact, undermine the stability of the financial system. This is my final question. Let us say that the FPC does the analysis and concludes that something needs to be done that will require global co-operation. A…”

“You also said how it is a natural and normal market to have emerged, for the reasons you stated, but I have seen some commentary that it has grown to the size it has because of the tightness of regulation on the traditional banking industry. Do you have any comment on that? Do you think that restrictions in one part ha…”

“Could I push you on the potential impact on the UK market? I have read the comparisons to what was happening in the noughties, during the build-up to ’08. The narrative comparisons are the complexity of the products and the fact that people have a lack of understanding across the system. I understand the narrative alig…”

“We were speaking earlier about unknown unknowns, but I want to go back to a known unknown. You have spoken a bit about the instability in the private credit market. There have been some recent defaults that caused a lot of speculation, and I wondered if I could hear more from you about what lessons you think could be l…”

“I thank the Leader of the House for his warm welcome—it is a warmer welcome than I received online, where somebody compared me to a failed contestant on “The Apprentice”, which is a good start. I share the right hon. Member’s sympathies expressed about the synagogue attack in Manchester, as well as his tribute to Ming …”

“I guess you are saying that it is very critical, and I respect why you are making that distinction. I guess the reason why I highlight it is not particularly because I have concerns about the US, but because of the way politics can get involved in economic power. A less predictable political environment may increase vu…”

““DRCF”?”

“Obviously, you have good relationships with the firms. Is the expectation then on the firms, if there are any issues with what they are using, to run that up the chain, or would you have direct engagement with some of these large AI companies saying, “This is a big problem for British regulation? Can you fix this issue…”

“I will move on from my fears of global cyber-wars, which I am sending down our industry. Let’s assume that we are in a comfortable place with the critical third parties regime and we want to engage with these companies on a particular regulatory need for the UK. I know, David Geale, that we spoke before about Meta’s re…”

“Can I just clarify whether that is on just the cloud element or all the elements?”

“I want to move on to the third-party dependency element of this. There is a statistic in front of me here: 90% of UK banks rely on AI from Google, Microsoft and Amazon. I find that slightly terrifying. They are all US tech companies. Just imagine if we had a US President who was willing to throw his economic power arou…”

“I guess my question was more about the process for that. You are at the front of this, and you are more likely to spot ethical dilemmas that are more philosophical. I know we have a philosopher on the panel somewhere—I think it is you, Jonathan—but they are probably more relevant for us to answer. When you spot those, …”

“This might be out of bounds for you as regulators—it is possibly more a question for us—but do you ever think about whether there are ethical boundaries to what is going on or push things back to the Government to say, “You might need to think about this”? There is the ability to track more than we have ever tracked be…”

“That is all great, and the collective learning bit in particular. My question, though, is this. If you had more resource, would more people go through it? Would we be seeing more firms entering the market with confidence?”

“On that point, I remember speaking with fintech people before and they were saying that their experience a few years ago was that getting access to the sandbox was easier. I guess that is probably partly related to the increase in demand. I know it is an opportunity and not a requirement, but obviously firms would feel…”

“More tax reliefs, I’m afraid. The issue seems not to be individual reliefs in and of themselves, because we can go away and evaluate all of them, and while maybe some of them would end up on the scrapheap, many of them would justify themselves. The issue seems to be the complexity of the system, the number we have in p…”

“There will obviously be different objectives. We could sell off all our land to housing if we wanted, and that would fix one problem, but it would give us food insecurity issues.”

“To put forward some of the arguments that people make, some would say that there is an inherent value to a business or farm being family-run that we should protect. The danger is that, otherwise, all those assets go into venture capital funds and get stripped for their assets, without a thought for their staff, or what…”

“Let me move on to last year’s changes to APR and BPR. Obviously there was a lot of talk around APR and a little less around BPR, but I guess that there might be similar grievances with both, which is that there was this intention to close a loophole that might have been exploited by some particular people, but then the…”