Compensation Bill [HL]

My Lords, hooray. This amendment is very welcome because it removes the last vestige of ambiguity about the intention to get a system of regulation up and running as soon as possible. Those noble Lords who followed these debates will be all too aware of my often re-stated belief that the long-term solution to the ills of this sector must be an arms-length regulator who is closely allied with the FSA model of regulation. However, we all tend to live in the short-term and the need for action is urgent if vulnerable people are to be protected. I therefore welcome this re-statement of the role of the Secretary of State as the regulator of last resort. The last we heard about this amendment was that the Government might accept it. I am delighted to learn that they now ““shall”” accept it. Amendment agreed to. Clause 4 [Exemptions]: