Dormant Assets Bill [Lords] – in a Public Bill Committee at 10:00 am on 11 January 2022.
Nigel Huddleston
The Parliamentary Under-Secretary of State for Digital, Culture, Media and Sport
In the light of the Reclaim Fund’s establishment as an NDPB, it is no longer appropriate for RFL’s activities to be covered by the financial services compensation scheme. Clause 28 therefore removes repayment claims from that compensation scheme and clause 27 replaces that protection with a Government guarantee in the form of a Treasury loan.
Peter Grant
Shadow SNP Spokesperson (Europe), Shadow SNP Deputy Spokesperson (Treasury - Chief Secretary)
If we take the two clauses together, it is clear why Clause 28 is there. My concern is that clause 28 in isolation may be seen to be removing protection from investors. I know the answer to this question, but for the purpose of the record, I would be grateful if the Minister could confirm that clauses 27 and 28, taken together, do not create any circumstance in which an investor’s money would be any more at risk than it would be if it were left in the original investment. Can the Minister give that assurance?
Nigel Huddleston
The Parliamentary Under-Secretary of State for Digital, Culture, Media and Sport
10:15,
11 January 2022
The hon. Gentleman is correct. The Treasury loan replaced the protection established through Clause 27 of the Bill, which RFL can use if it becomes, or is likely to become, unable to meet its claims. Therefore, that protection is in place between clauses 27 and 28.
A parliamentary bill is divided into sections called clauses.
Printed in the margin next to each clause is a brief explanatory `side-note' giving details of what the effect of the clause will be.
During the committee stage of a bill, MPs examine these clauses in detail and may introduce new clauses of their own or table amendments to the existing clauses.
When a bill becomes an Act of Parliament, clauses become known as sections.
A parliamentary bill is divided into sections called clauses.
Printed in the margin next to each clause is a brief explanatory `side-note' giving details of what the effect of the clause will be.
During the committee stage of a bill, MPs examine these clauses in detail and may introduce new clauses of their own or table amendments to the existing clauses.
When a bill becomes an Act of Parliament, clauses become known as sections.
Ministers make up the Government and almost all are members of the House of Lords or the House of Commons. There are three main types of Minister. Departmental Ministers are in charge of Government Departments. The Government is divided into different Departments which have responsibilities for different areas. For example the Treasury is in charge of Government spending. Departmental Ministers in the Cabinet are generally called 'Secretary of State' but some have special titles such as Chancellor of the Exchequer. Ministers of State and Junior Ministers assist the ministers in charge of the department. They normally have responsibility for a particular area within the department and are sometimes given a title that reflects this - for example Minister of Transport.
