Clause 9 - Functions exercisable by the
Pensions Bill
3:30 pm
Mr Nigel Waterson (Eastbourne, Conservative)
The Under-Secretary has flagged up a wider discussion that we can perhaps have in a moment, so I will speak only briefly on this matter. I echo what my hon. Friend the Member for Hexham (Mr. Atkinson) said; it cannot be right that the main reason for not including this duty is that it will be administratively expensive. That makes my heart sink.
The Under-Secretary referred to the regulatory impact assessment, which is available at all good booksellers and on all good PCs. I have made it clear that Opposition Members find it difficult to accept the 25 per cent. extra cost conclusion. I fear that the overall costs of the new regulator could be considerably more than that, on top of what OPRA is currently costing. That makes it even more important that this amendment is agreed to.
However, I will leave the matter there. I may have to return to it, and we might pick up on some relevant points in the broader clause stand part debate. I beg to ask leave to withdraw the amendment.
Amendment, by leave, withdrawn.
Question proposed, That the clause stand part of the Bill.