Dormant Bank and Building Society Accounts Bill [HL]

To add to what my noble friend Lady Noakes said, does not this direction power amount to a vote of no confidence in the FSA? The Treasury’s own explanation ends by stating that the direction does no more than require a company to give effect to, or to comply with, requirements to which it is already subject under the Bill and which will previously have been approved by Parliament. I thought that the Minister’s explanation yesterday was that the regulatory system was a matter for the FSA, not the Treasury itself.