Clause 53 - Interpretation of Part 3

Financial Services Bill – in a Public Bill Committee at 5:40 pm on 20th March 2012.

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Question proposed, That the clause stand part of the Bill.

Photo of Chris Leslie Chris Leslie Shadow Minister (Treasury)

Normally we would not discuss such a small clause, which relates to the interpretation of part 3, but I have a quiz question—a little bit of light relief—for the Minister. Will he explain in layman’s terms what is meant by subsection (2):

“In this Part a reference to a person’s functions under an enactment includes reference to the person’s functions under any other enactment as applied by that enactment”?

What, exactly, does that mean? I should be grateful if the Minister elaborated, because, again, the explanatory note simply repeats that rather tortuous sentence.

Photo of Mark Hoban Mark Hoban The Financial Secretary to the Treasury

The subsection clarifies that references to a person’s functions under an enactment include references to the same person’s functions under any other enactment, as applied by the first enactment. That provision is needed because some legislation listed in clause 47(2) applies to functions in other legislation. The subsection ensures that changes to other mutuals legislation that we made under a mutuals transfer order would take place upon enactment.

Photo of Chris Leslie Chris Leslie Shadow Minister (Treasury)

The hon. Member for West Suffolk understood that—it was clear to him—but I am afraid that I am a simpler fellow and do not quite understand that sentence structure. The Minister seemed simply to read subsection (2), although perhaps he paused and put a little bit of emphasis on particular words, but I still do not understand why the explanatory note did not state more clearly what this provision was for.

I do not know whether the subsection is necessary, but in such matters I suppose that we have no choice but to take the Minister’s word for it, although I do not like doing that.

Question put and agreed to.

Clause 53 accordingly ordered to stand part of the Bill.