Member

In previous debates, noble Lords raised concerns about the potential burden of the EVM on financial institutions. Throughout the Bill, we have taken steps to minimise those burdens. In response to our close work with the finance sector, including UK Finance, government Amendment 61 extends the period during which financial institutions are able to request an internal review of the decision to issue an EVN from seven to 14 days. This was proposed by the industry to ensure that banks have enough time to consider the contents of an EVN and any other relevant factors and request a review. I am very grateful to my colleagues in the department for their close work with industry and very happy to put forward that change today.