Member

Finally, I turn to the question of delegated powers and Amendments 93 and 100 to 103, in the name of the noble Baroness, Lady Neville-Rolfe. The amendments would require the Treasury to lay before Parliament a report setting out how the powers conferred in several parts of the Bill will be used before it can use the powers or commence the relevant provisions. Delegated powers are a long-standing and accepted part of the legislative and regulatory framework for financial services. The pace of innovation means that detailed primary legislation becomes out of date and ineffective. The Consumer Credit Act is a good example of this. Enabling the Treasury to adjust the scope of regulation to reflect market and technological developments keeps our framework effective. This is not a short cut or bad policy-making. It is how the system is supposed to work.