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Lord Leong (Lab)

Speaking in the House of Lords on 31 March 2025

Debate

Audit, Reporting and Governance Authority

Contribution

My noble friend makes a very important point. I do not know whether anyone has been sent to jail, but I will find out and write to him. It is important that noble Lords recognise that the current regulator has limited powers. The new regulator will have additional powers to ensure that directors are held responsible for their fiduciary duties. It is important that we get it right and that we consult widely, but, at the same time, we do not want to overburden SMEs and other businesses with the new regulator. We are taking our time to make sure that we get it right.

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