Financial Services Bill

My Lords, I beg to move government Amendment 3 and, with the leave of the Committee, to speak to Amendment 4, which is grouped with it. Throughout the stages of this Bill in another place, the Government have been very clear that they intend to produce a statement under Clause 1(5). The Economic Secretary to the Treasury was clear about our intentions; the production of a full draft statement to enable proper scrutiny of the Bill also clearly indicated the Government’s intention in that respect. However, seeing as we are continuing to debate this point, the Government are happy in addition to make it explicit in the Bill. Our amendment therefore makes it a requirement for the Treasury to lay a statement under Clause 1(5). However, we consider "must" preferable to "shall", as it is more consistent with the remainder of Clause 1, where "must" is used to connote an obligation. I beg to move.