Compensation Bill [Lords]

We want to capture people who abuse the system and who do not give consumers all the information they need to make a clear and considered decision. Obviously, there will be costs and I shall talk about them later, but we estimate, for example, that the cost of direct regulation could be up to £1 million a year. However, that is not a huge cost in terms of ensuring that consumers get a fair deal. In some cases, people end up with massive debts as a result of bad, or no, advice. I want to make it absolutely clear that we firmly believe that anyone with a genuine claim should be able to make it quickly and easily, but vulnerable people are being targeted so additional safeguards are needed. We want greater transparency, better quality control and a better service for consumers.