Audit, Reporting and Governance Authority

Baroness Neville-Rolfe Excerpts

Monday 31st March 2025 Lords Chamber

[Lord Leong (Lab)]

I thank my noble friend for that question and for all the work he has done in the actuarial sector itself. Let us not get ahead of ourselves. The Government are committed to publishing a draft Bill in this Session of Parliament. Until such time, it is important that we do not pre-empt the contents of the Bill.

[Baroness Neville-Rolfe (Con)]

My Lords, the Chancellor has written to other regulators encouraging them to look at ways to help the economy to grow and be more competitive. What are the plans in this area for encouraging growth and competitiveness?

[Lord Leong (Lab)]

The noble Baroness makes a very good point. It is important that, whichever regulator we have, it is effective. Currently, the regulator has some weaknesses in its powers; the new regulator will, I hope, address those weaknesses. It is important that, when anyone looks at the accounts, investors have confidence to make investment decisions. That will drive business and growth.