Member

This group begins a series of amendments concerned with the concept of mandation. Let me be clear at the outset: mandation should be removed from this Bill—it is fundamentally misguided. We had a good debate on that on the previous day in Committee. Mandation risks regulation falling behind economic reality rather than enabling it; it raises the prospect of asset inflation and market distortion, particularly in relatively illiquid private markets; and it risks having a disproportionate impact on auto-enrolment savers, who would bear the consequences of poorly calibrated policy.