Member

On the subject of costs, Amendment 39 would ensure that provisions to recoup these are always included in a direct deduction order. Amendment 40 would ensure that the relevant bank is involved in determining the amount of money that it could recover to cover its costs. Both of these amendments are duplicative. We are committed to working with the banking sector on admin costs. We intend for these to be reasonable both for those paying and for the banks themselves. Clause 37 already requires the PSFA to consult with persons who represent the interests of the banks and any other appropriate persons in developing the regulations pertaining to the bank’s administrative costs.