Member

The Treasury will be familiar with the construct of my new clause, because it is based on paragraph 28 of Schedule 1ZA and paragraph 36 of Schedule 1ZB to FSMA. Those were inserted into FSMA by Section 38 of the Financial Services and Markets Act 2023. As initially drafted, it provided for notification of relevant consultations only to the Treasury Committee, but it was amended after debate in Committee in your Lordships’ House to include reference to any committee set up in your Lordships’ House or any future Joint Committee of both Houses. It effectively paved the way for the creation of the Financial Services Regulation Committee, which, as I mentioned on our first day of Committee, is now up and running.