Small Businesses: Retention

Lord Lea of Crondall Excerpts

Wednesday 21st February 2018 Lords Chamber

[Lord Henley]

Again, my Lords, I am not going to make promises at this stage about what we will do because, as I made clear, we want to consider the consultation. We have also made clear that we recognise that retention, which is common in the construction industry, can have negative impacts. That is why we set up the Small Business Commissioner to assist on late payments. As the noble Baroness will be aware, we had a debate on that matter only the other day. Things are happening. Things will continue to happen. We will continue to look at that consultation and we will then take action.

[Lord Lea of Crondall (Lab)]

My Lords, will the Minister comment on the ongoing role and remit of the Financial Conduct Authority, not only on the narrow point but on such questions as its relation with the big four auditing companies? Is this within the scope of this separate inquiry?

[Lord Henley]

I think the noble Lord is going somewhat beyond the Question on the Order Paper and I do not think I ought to comment on that at this stage. We are looking at the practice of retention. I have made clear where we are, and we will act when appropriate.