Clause 44 - Duty to notify the Regulator of certain events
Pensions Bill
3:15 pm
Mr George Osborne (Tatton, Conservative)
In general, clause 44 seems sensible. I want to pick up again on the use of the phrase ''as soon as reasonably practicable.'' The Minister says that the clause is the early warning system and the crucial trigger that will help protect scheme members who may be in danger of losing their pensions. However, ''as soon as reasonably practicable'' is broad and allows someone to plead that it was not reasonably practicable for them to do something for a considerable amount of time. I want the Minister's reassurance that the regulator will take a tough view of people who procrastinate in providing important information.
The Minister also told us something of what would be in the regulations, which will obviously be important. Perhaps he will tell us when we might see them. He says that he is consulting with the Americans and others. I understand the Government's desire to get on with the Bill and give our constituents the protection that we all want them to have, but there is a balance to be struck between that and proper parliamentary scrutiny, with access to the full facts as we investigate legislation on behalf of our constituents.