Member

Can the noble Baroness set out how the regulator will monitor the code of practice’s effectiveness? There is no statutory duty to undertake a review, so what is the process for the regulator to act quickly and effectively where a scheme falls well below the standards? I argue that there is a vagueness, with the regulator stating that it will review codes and guidance “regularly”—what does that mean? Should the guidance not be more, rather than less, prescriptive, as the noble Lord, Lord Davies, has suggested today and in the past?