Clause 66 - Powers of appointed person and procedure

Part of Financial Services Bill – in a Public Bill Committee at 11:00 pm on 20th March 2012.

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Photo of Chris Leslie Chris Leslie Shadow Minister (Treasury) 11:00 pm, 20th March 2012

The clause is important. It is about giving teeth to the people appointed to make the inquiry. It is a strong clause and we are happy to support it. The clause will give the person appointed to make an inquiry a wide range of powers, but they will be subject to clause 65(3)(d), which empowers the Treasury to order the person to

“take only such steps as are specified in the direction”.

If there was a question of interpretation, it could become a source of conflict. Will the Minister reassure the Committee that that would not be the case and that the Treasury would not overrule the chair of the inquiry with that arrangement? That is the only question that I have on clause 66.