Setting standards

Financial Guidance and Claims Bill [Lords] – in a Public Bill Committee at 3:45 pm on 1st February 2018.

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

With this it will be convenient to discuss clause 11 stand part.

Photo of Guy Opperman Guy Opperman The Parliamentary Under-Secretary of State for Work and Pensions

I will briefly address the matter of the standards, which the clause will require the single financial guidance body to set out, and their enforcement and monitoring. The clause will require the FCA to review those standards and how the body is monitoring and enforcing those standards. We believe that is appropriate in the circumstances, and that we are creating this body with a degree of scrutiny in the right and proper way.

Photo of Jack Dromey Jack Dromey Shadow Minister (Work and Pensions) (Pensions)

We rehearsed this morning the importance of the independence of the body, in terms of its operational role, on the one hand. On the other hand, there is common ground that there should be proper accountability and oversight. We are content with the proposed arrangements.

Question put and agreed to.

Clause 10 accordingly ordered to stand part of the Bill.

Clause 11 ordered to stand part of the Bill.

Clause 12