Baroness Finn (Con)

I thank the Minister for her response. In closing, I want to reiterate that the Bill asks a great deal of banks, in terms not just of compliance, but of active participation in delivering government policy. That comes with real operational and financial demands, especially for smaller institutions, plus the opportunity cost for the time and resources that banks might be required to dedicate to these non-profit-making activities. I hear what the Minister says about the code of practice, but there is a difference between the code of practice and having something in the Bill. It makes an important change to ensure that banks, like public authorities, can recover the costs they incur when carrying out duties placed on them by legislation. We believe that it reflects a basic principle of fairness and partnership, which is a principle that we have returned to throughout this Committee. I thank the noble Lord, Lord Palmer, for his support. He made the important point that oversight must be proportionate and transparent. If we want this framework to work effectively and sustainably, we must ensure that those we rely on to implement it are not left bearing disproportionate costs. That should be absolutely clear. This is not about profit but about ensuring that compliance is feasible, resourced and built on mutual trust. I hope that the Minister will recognise the value of the amendment and the principle behind it. Those helping to enforce the law must be supported, not just expected to comply, and that should be in the legislation rather than the code of practice. I appreciate the Minister’s remarks that discussions are ongoing with banks about how the demands will be incorporated and developed operationally. Can she confirm to the Committee whether this matter has been raised in the discussions and what assurances the Government have to date been able to give banks on this important question?