Baroness Noakes (Con)

My Lords, I thank noble Lords who have taken part in this short debate. I hope the Minister will look again at the point that the noble Baroness, Lady Bowles, has raised. In fact, that particular issue was raised in the Chamber either yesterday or last Friday—I cannot remember which, as all the days run into each other—in connection with another Bill going through. It very definitely is interpreted as sub-50%, so it is definitely a fairly weak formulation. I am quite surprised if that is what the Government want, so it is worth looking at again. I do not think I got a satisfactory answer on the difference between the FCA having the consumer duty and what is intended under this Bill, except that the FCA is going to issue more rules about what “best interests” actually means in this context. To me, it seems to be going against the grain of FCA regulation, as I tried to point out earlier, and it could potentially cause problems in understanding. The Minister did not respond to my point about the last men standing, which was that if you allow groups of members to be transferred because they will be better off and the others are not worse off then, in the long term, you structurally weaken what is left. Does the Minister have any views on whether that is the correct approach? A long-term problem cannot be avoided in that area, which calls into question whether you can leave members behind. I am still very mystified as to how all this will work in practice, but I will reflect on what the Minister has said and what she has not said before determining whether to come back on Report. I beg leave to withdraw my amendment.