Member

My noble friend said he was concerned that if this remained the sole purpose of the regulator in the Bill, it might make the regulator inert. I would not quarrel with that, to be honest: I would want nothing better than for the regulator to be inert and willing to intervene only on the most extreme occasions. My fear with the Bill is that the regulator has pretty much unlimited power to expand its size. We heard at Second Reading how so many noble Lords were already canvassing extensions to the scope and mission of the regulator. Inertia is not to be sneered at in this context.