Member

The noble and learned Lord, Lord Hope, had a very powerful list of questions. I also have some questions, some of which overlap. I would very much appreciate an answer before Report, perhaps in a letter. First, how will the Government ensure that the transfer of responsibilities does not lead to duplication between the FCA, existing regulators and professional bodies? Secondly, what assessment has been made of the likely cost impact of this change on firms—particularly small and high street practices such as estate agents and accountants and so on? Thirdly, how will the FCA acquire and retain the necessary sector expertise? Fourthly, when will the Government set out a clear timetable for implementation? People need to know when these new rules are likely to come in. Fifthly, how will the Government ensure that professional obligations, legal professional privilege, client confidentiality and this distinct framework of legal practice are properly protected? Sixthly, how will the Government address the concerns raised in Scotland and ensure that the new regime does not cut across devolved or existing statutory arrangements?