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Order. Before we begin, I have a few preliminary announcements to make. Please would all Members ensure that their electronic devices are turned off or switched to silent mode during the Committee meetings? Copies of memorandums that the Committee receives will be made available in the Committee Room.
Before we begin our line-by-line consideration of the Bill, a brief reminder of procedure may be useful. The selection list for today’s sitting is available in the room. This shows how the new clauses selected for debate have been grouped together. New clauses grouped together are generally on the same or similar base issues. In clause stand part debates, I will call the Minister first and then the Opposition, with the Minister winding up. In other cases, I shall call the Opposition first and then again to wind up. Other Members are free to catch my eye to speak on the group. A Member may speak more than once in a single debate. Before Opposition Members sit down, they will need to say whether they wish to withdraw a new clause or seek a decision. Please note that decisions on new clauses take place not in the order in which they are debated but in the order they appear on the amendment paper. I hope that that explanation is helpful.
We now begin our line-by-line consideration of the Bill. We will first debate clause 1 stand part, with which it will be convenient to consider new clause 2. I remind Members that, even if a Member wishes to press new clause 2, it will not be voted on until the end of proceedings together with other new clauses.
On a point of order, Mr Bone. I owe the Committee an apology. Rather than simply correct Hansard, I prefer to do this personally. In all the flurry of paperwork that I was dealing with during the evidence sessions I misquoted a letter. I said that a letter of 25 March 2011 was from the Secretary of State for International Development, the right hon. Member for Putney (Justine Greening), when in fact it was to her. That does not alter the force of my argument, but it alters one point that I made. It was not the stated intention of the Government to have the Financial Services Authority—now the Financial Conduct Authority —adopt licence condition 15. I take personal responsibility entirely for that error, but I wanted to correct the record and I thought it was only proper to do so here.