Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2006

I should probably declare a more formal interest than the noble Baroness, as I have been a pension fund investment manager for the past 30 years and I am an active investor in commercial property and a participant in a small, self-administered pension scheme. The noble Lord said that this order took only a third of its allotted time in the other place, but it still took half an hour. It covers seven pages and, as one would expect, the Minister’s introductory remarks were similar to those of the Economic Secretary in another place. I was not able to give notice of this question, as I was not aware that the noble Lord, Lord McKenzie, would not be in this Committee so perhaps the Minister will write to me. Arising out of the Chancellor’s humiliating climb-down in the Autumn Statement about what is to be allowed in SIPPs, there is still uncertainty about what will be allowed on a tax-privilege basis in SIPPs. I have two questions in particular. First, will it still be possible for people to invest in residential property through SIPPs on a tax-privilege basis if, as has been reported in the press, they form a club of at least 10 people? It would be very helpful if that could be clarified. As we know, widespread concern was expressed about all of this. In the other place, Mr Balls described it as a ““clarification””. Well, at least he got the first two letters of that right—in fact, under sustained and heavy pressure from the Liberal Democrats, it was a monumental climb-down, rather than a clarification. My other question is, given that what we are really talking about is commercial property, what protection will people have after this measure comes into force against some of the fly-by-night companies promoting investment in rather exotic locations? Bulgaria is a case in point, where commercial property investment is actively being promoted—a new twist in the ““fly to let”” investment craze—and some people in the City are concerned that abuses will continue. I associate myself with the noble Baroness’ sensible questions about costs and coverage. I look forward to the Minister’s reply.