Company Law Reform Bill [HL]

moved Amendment No. A247: "Page 391, line 41, leave out subsection (4)." The noble Baroness said: Amendment No. A247 is another probing amendment in relation to Clause 826. Under subsection (4), the independent supervisor may enter into supervision arrangements with a body, despite any relationship that exists between the independent supervisor and the body. My amendment deletes that in order to try to find out what is intended. Do the Government intend to make the independent supervisor one of the other bodies within the Financial Reporting Council stable, or even the FRC itself? I understood that the intention was to appoint the Public Oversight Board for Accountancy, in which case I do not understand what is intended by this subsection. It seems to me that this subsection is another part of the wholly artificial arrangements put forward in this Bill. I am trying to find out what on earth is intended. I beg to move.