Member

The Government are working closely with the FCA, HMRC, existing supervisors and representative bodies to ensure that transition arrangements are effective and that firms have sufficient clarity and time to prepare for change. However, we do not believe that requiring a further statutory report before commencement is necessary. These reforms will be implemented through secondary legislation, which will provide appropriate parliamentary scrutiny while preserving the flexibility needed to manage a complex transition programme effectively. The Government therefore do not consider this amendment necessary.