Clause 66 - Revocation of codes of practice
Pensions Bill
10:30 am
Mr Nigel Waterson (Eastbourne, Conservative)
The clause was bound to provoke me because it deals with the Secretary of State interfering again in the regulator's business. I cannot begin to understand why the Secretary of State should have a power to revoke a code of practice. I accept that the regulator should have the power to revoke one of its codes of practice, but it is a little wishy-washy to refer to the revocation being made with the consent of the regulator.
The philosophical difference between the two sides has surfaced before. The Government are setting up a gleaming, shining new regulator with new powers and functions and a probably much-enhanced staff and budget. The Conservatives believe that we should let it get on with it. Having set it up and given it the best possible start in life, the Secretary of State should not start micro-managing such matters. It mystifies me why the Secretary of State should have a view on a code of practice, other than that of any essential consultee, as Secretaries of State have better things to do. The clause should be removed altogether and it should be made clear that the regulator can revoke its code of practice. The Minister mentioned a possible scenario—it is difficult to credit—that something might need to be done in an emergency. It is the regulator, which should know its own business, not a politician, that should be in charge of this sort of issue.