Member

We believe that Amendments 61A and 61B are unfortunately duplicative. Noble Lords will have heard me speak at length already about the due regard that the Government have for the potential burden these measures will put on the banking sector and how we are working with the sector to ease the delivery of the recovery powers. We aim to create a system that can fairly and effectively recover money obtained through fraud or error and return it to the public purse. The Bill allows for further provisions to be made through regulations and, before these regulations are laid, to carry out further consultation. For regulations that impact the banking sector, the Bill already has an explicit requirement for consultation to occur, under Clause 37(5). As regulations are made, impact assessments —of what quality may be open for debate—will be included in an Explanatory Memorandum and, as is standard, will be made publicly available. As for the fact that they will be tabled in the negative, this is an effort to ensure that we do not have to clog up parliamentary time, but I am more than happy to have a conversation with the noble Lord, Lord Vaux, about what that may look like.