Saving Gateway Accounts Bill

The amendment would put in the Bill a requirement that is already contained in the draft regulations for statements to be issued on a six-monthly basis and at the point of account closure or transfer. We believe that this level of detailed requirement is more appropriate for secondary legislation. It is an area where we believe there should be some flexibility to enable us to respond to any lessons learnt from operating the scheme, as well as to keep pace with any future changes in banking practice. The noble Baroness does, however, make a good case. I recognise that the success of the saving gateway is importantly dependent on the availability of a significant number of account providers. While I urge the noble Baroness to withdraw the amendment, I will go away and take account of her comments.