I shall briefly respond as this is the first set of government amendments. I thank the Minister for the courtesy of writing to me with his proposals around these amendments; it is very helpful to have that in advance, as it limits the need for further debate on these matters. Maybe I should declare an interest in that my great-uncle was Welsh, but I do not claim to be part of the Welsh mafia. With those remarks, I am supportive of the amendments.
Amendment 2 agreed.
Moved by Lord Bourne of Aberystwyth
3: Clause 45, page 19, line 27, at end insert—
““( ) regulations made under paragraph 17 of Schedule 17 to the Pensions Act 2014;
( ) regulations made under paragraph 6 of Schedule 18 to the Pensions Act 2014;”
Amendment 3 agreed.
Clause 47: Pensions guidance
Moved by Lord Bradley
3A: Clause 47, page 20, line 9, at end insert—
“( ) The FCA must discharge its functions in relation to pensions with a view to securing an appropriate degree of protection for consumers with a right or entitlement to flexible benefits whether they have used pensions guidance or otherwise throughout the decision-making and purchasing process, including safeguards actively to inform consumers of key risks and benefits.”