Saving Gateway Accounts Bill

My Lords, as I indicated in our debate on this matter in Committee, I agree with the noble Baroness about the importance of publishing data about the operation of the scheme. I also indicated in that debate that we wished to consider carefully the data that should be published and the frequency of publication. I am therefore grateful for the opportunity to set out further details of the approach that we propose to take in this area. I am happy to confirm on the record that HMRC will be publishing data on the saving gateway at least annually, in a similar way to how it currently publishes data on ISAs and child trust funds. This will include data for the relevant period on the number of notices of eligibility issued; the number of accounts opened, closed and reaching maturity; the net balances held in accounts that have reached their 12th month of operation; the match payments earned on these accounts during their first year of operation; the net balance held in accounts that have reached maturity; the total amount paid out by HMRC in match payments; and the number of match payments made. I can also confirm to noble Lords that HMRC will be publishing details of providers that are approved to offer saving gateway accounts. This information will be sent to each eligible person alongside his or her notice of eligibility and will be available on the HMRC website. Further consideration will be given to whether any additional information will be collected or published by HMRC in order to inform the evaluation of the operation of the scheme. While I am more than happy to put this commitment on the record, I remind noble Lords that detailed information is published on ISAs and child trust funds without any statutory requirement. It remains my view that it is not necessary for a provision on annual reporting to be placed in the Bill and I hope that this commitment provides the noble Baroness with sufficient assurance that detailed data on the operation of the saving gateway will be published regularly. I note the comments made by the noble Lord, Lord Newby, and my noble friend Lord Morgan. I will consider my noble friend’s point, although, at first blush, I suggest that the type of information that will be published is unlikely to be material in helping people to understand how to manage their savings, investments and personal financial affairs. However, before I close that option down, I will reflect further on it. The fact that we will be publishing details of saving gateway account providers on the notice of eligibility and on the website will be enormously helpful to those who are eligible. I note the noble Baroness’s comments on the competence of HMRC. In some way, I feel that she gave me a get-of-jail-free card earlier by suggesting that in all respects of this legislation she would be working on the assumption that there would be a change of Government and that therefore, even if there were deficiencies, they would, no doubt, be remediated instantly under the wise and informed guidance of the noble Baroness and her colleagues. However, I would not stoop to suggest such cheap politics. I invite the noble Baroness to withdraw her amendment in the light of the statement that I have placed on the record.