Member

The purpose of this amendment is simply to seek clarity from the Minister about how the Government intend that calculation to be made. In particular, we would be grateful for reassurance as to whether “total assets” is intended to refer to assets under management, net assets or some other measure, and how consistency will be ensured across different business models. It would also be helpful to understand what criteria or principles will underpin any regulations made under this power, and whether the Government intend to align the methodology with existing regulatory or accounting standards to avoid uncertainty or unintended consequences.