Lord in Waiting/Government Whip (Lord Leong) (Lab)

My Lords, I thank the noble Lord, Lord Sharkey, for his continued commitment to this important issue, and all noble Lords who have contributed their perspectives to the debate. As discussed at Second Reading, the origins and treatment of mortgage prisoners have been subject to close consideration by Parliament, the Treasury Committee and the Financial Conduct Authority. The circumstances of mortgage prisoners are not a matter the Government take lightly. However, the Government consider that the Bill is not necessary. It would divert resources and focus on to issues that have already been extensively scrutinised, and our assessment continues to be that the correct process was followed when these mortgages were sold back to the private sector in the years after the financial crisis. Since then, the Financial Conduct Authority has introduced further protections, including a modified affordability assessment and, more recently, the consumer duty, which places clear obligations on all mortgage lenders to ensure fair treatment for their customers. Nevertheless, the Government remain committed to ongoing engagement with both industry and regulators to ensure that the needs of affected borrowers continue to receive careful and thorough consideration. Although the Government maintain their reservations about the Bill, I again thank the noble Lord, Lord Sharkey, for bringing this matter before the House and for his continued engagement on behalf of those affected.