Member

The noble Baroness, Lady Fox, mentioned administration charges. Clause 37, which we will reach later in Committee, contains the power to make, through regulations, further provision as to admin charges that can be imposed by the banks. This power will be used to introduce a cap on the charges that can be imposed under this clause, which can be adjusted in line with inflation, and to ensure that the charges remain at all times reasonable. This is in line with the approach taken by HMRC, which outlined the amount that a bank could charge for its admin costs via the Enforcement by Deduction from Accounts (Imposition of Charges by Deposit-takers) Regulations 2016. The amount specified in those regulations