Saving Gateway Accounts Bill

My Lords, it is a pleasure to start our Report stage consideration of the Saving Gateway Accounts Bill. In speaking to Amendment 1, I shall speak also to Amendments 3 and 4, which relate to the maturity period of the saving gateway account—in other words, how long each account will last. As noble Lords will know, we intend to set the maturity period at two years or 24 months. I think that noble Lords will agree that it is appropriate for regulations rather than primary legislation to set the maturity period. These amendments will continue to allow regulations to do that but will prevent them from setting a maturity period of less than 12 months. That is a response to the arguments made by the noble Baroness, Lady Noakes, in Grand Committee. I have carefully considered what she said and I agree that a maturity period of less than 12 months would not encourage saving. It would not be long enough for saving gateway account holders to develop a strong savings habit. I therefore cannot foresee a situation in which a maturity period of less than 12 months would be desirable. Amendment 1 will remove that flexibility. Amendments 3 and 4 will then make some consequential drafting changes to the rest of the clause. I beg to move.