Viscount Younger of Leckie (Con)

My Lords, I hope that the Committee will think that it makes sense if I begin with the four amendments in this group tabled in my name. I start with our probing stand-part question on Clause 45. This is a short clause, but an important one. It makes changes to the Financial Services and Markets Act 2000. The purpose of the question is simply to understand the practical effect of those changes, particularly in the context of the wider programme of consolidation and reform of assimilated European Union law. My noble friend Lady Neville-Rolfe, who I am pleased to say is in her place and has spoken so eloquently, may feel a certain sense of déjà vu, having spent a considerable time on the Front Bench examining precisely these issues. My questions to the Minister are therefore straightforward. What, in practical terms, does Clause 45 change in the operation of the Act? I start with some fairly basic questions for clarification. Will further secondary legislation be required to give effect to these provisions? If so, do the Government have a timetable over which they envisage this process taking place? How does this clause interact with the statutory instruments recently considered by the Grand Committee as part of the wider reform programme? This is a live and important area. As assimilated European Union law becomes domestic law and increasingly interacts with our financial institutions, the FCA and other relevant regulators, it is essential that Parliament has clarity on how these changes fit together and where accountability lies.