My Lords, I beg to move that the Committee considers the two complementary instruments that the Government have laid. I will discuss each instrument in turn.
First, the Regulators’ Code is an update of the Regulators’ Compliance Code, which was first published in December 2007, and I acknowledge the work that the previous Administration did on this. This is a statutory code of practice which sets out principles that should be applied by regulators when they are determining their policies and when they are setting standards and giving guidance.
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