Clause 31

Part of Financial Services Bill – in a Public Bill Committee at 6:00 pm on 15 December 2009.

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Photo of Ian Pearson Ian Pearson Economic Secretary, HM Treasury 6:00, 15 December 2009

No, I am not saying that at all. There is only one member of the scheme at the moment, and the Government anticipate there being only one—although we cannot foresee future events. Participation in the asset protection scheme would normally be a matter of public record, and one would expect that if an organisation were to participate in it, it would be clear public knowledge.

We have gone into the issue in some detail. There are a number of ways to ensure proper public scrutiny of what we are trying to do. There is absolutely nothing that the Government want to hide on this issue—we just want to ensure that we have the right reporting arrangements, and we believe that we have achieved that.