Clause 6 - Opening by Inland Revenue
Child Trust Funds Bill
1:00 am
Mr George Osborne (Tatton, Conservative)
It is interesting that, as the Minister just said, if the Inland Revenue had independent information about a financial provider, it would be forced to pass that information to the FSA, because one could read subsection (5) as giving it immunity from being held responsible for any failure to do so. However, I will not push for a vote on the amendment, because I suspect that the courts would ignore subsection (5) and hold the Government to account.
The hon. Member for Yeovil was surprised that the Minister knew all about financial compensation. He will remember that she is one of the few people who have read the Penrose report; those issues are at the forefront of it. I will not embark on a debate about that or I will receive a thousand letters. I beg to ask leave to withdraw the amendment.
Amendment, by leave, withdrawn.
Clause 6 ordered to stand part of the Bill.