Compensation Bill [HL]

Will the Minister comment on one issue. As the Bill is drafted,"““The Regulator shall . . . comply with any directions given to him by the Secretary of State; . . . have regard to any guidance given to him by the Secretary of State; . . . have regard to any code of practice issued to him by the Secretary of State””," and many other minor issues such as information. Returning to my noble friend’s original approach to regulation, the FSA model is not on offer because under the Bill there is no question of the regulator being independent. The regulator must do what the regulator is told to do and in the way that the regulator is told to do it.