Compensation Bill [Lords]

I do not want to get into a long argument on that. I have had a good go on it. It is certainly said by me, and if the hon. Gentleman disagrees, he can take it up with me some other time. The Government suggest that the regulator should be the Lord Chancellor, but that is not adequate. People expect a regulator who will deal with organisations in the financial and insurance sector. Surely it is not beyond the Minister to persuade one of the economic regulators to take on the role. It would be better if the Office of Fair Trading or the Financial Services Authority could be persuaded. We agree that the Claims Standards Council is not the answer. We want a proper regulator with an established reputation who can put a little fear into those who have been running those businesses in a way that has not been ideal. The question remains whether the proposed regulation is adequate. Our view at this stage is that it does not seem to be. On the breadth of regulation, will the Minister ensure that regulation does not interfere with legitimate practices, such as insurers offering treatment or vehicle repairs to insured third parties at an early stage? If that is to be regulated or even prohibited, as is suggested, that would interfere with the agenda of trying to encourage early settlement and rehabilitation. We will want to explore these many matters in Committee. In general, we welcome the Bill. It is not perfect in every respect. It provides us with an opportunity to tackle the perception of a compensation culture, to ensure that some common sense and proportion are injected into compensation cases, and to ensure that unscrupulous claims management companies are unable to exploit the vulnerable. The Bill has our support this afternoon.