Financial Services Bill

Business, Innovation and Skills written question – answered on 2nd July 2012.

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Photo of Ian Murray Ian Murray Shadow Minister (Business, Innovation and Skills)

To ask the Secretary of State for Business, Innovation and Skills with reference to the contribution of the Financial Secretary of the Treasury of 23 April 2012, Official Report, columns 695-96, on the Financial Services Bill, whether legal advice has been sought from Government lawyers on the interpretation of section 124 of the Tribunals, Courts and Enforcement Act 2007 since its enactment; what the conclusions were of any such advice; and if he will place in the Library a copy of any such advice.

Photo of Norman Lamb Norman Lamb The Parliamentary Under-Secretary of State for Business, Innovation and Skills

This section falls within a part of the Tribunals Courts and Enforcement Act 2007 that is not currently in force. Before contemplating bringing in such a scheme, Government is seeking a non-legislative alternative through a voluntary code with the debt management industry.

Should the Government seek to bring in the statutory scheme to which section 124 relates, then it would be appropriate to seek legal advice on all aspects of the framework outlined in the Act to ensure that they continue to meet the policy needs.

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