Financial Services and Markets Bill
Lord Hunt of Wirral (Conservative)
I am extremely grateful to the Minister for that explanation. All I should say in passing is that Part IV deals with applications which bring into effect the whole bureaucratic process involving payments by the applicant and a whole series of administrative arrangements. I was referring to the discretionary power of the PIA which could be exercised without an application. However, as the Minister suggests, that is a matter on which I could perhaps reflect further in the light of his helpful comments.