Packaged Retail and Insurance-based Investment Products (Amendment) (EU Exit) Regulations 2019

Lord Adonis Excerpts

Monday 18th February 2019 Lords Chamber

Moved by

[Lord Adonis]

Leave out from “that” to the end and insert “this House declines to approve the draft Regulations because no consultation has been undertaken despite Her Majesty’s Government’s economic assessment indicating transition and associated costs will be significant.”

[Lord Adonis (Lab)]

I have nothing to add to my remarks on the previous regulations. The issues are exactly the same, regarding consultation and the conduct of assessments.

[Lord Tunnicliffe (Lab)]

When I read the SI with care, it seemed straightforward and to do its work. I was seeking to see if there was any new policy, and the new policy that I discovered was the Venezuela point. I hope the Minister will be kind enough to write to me explaining whether “all countries” has that worldwide application and why the Treasury does not perceive that there is any danger in such an extension. Other than that, I am entirely content for this SI to go through.

[Lord Bates]

I am happy to give the noble Lord that assurance; I will write and be clear on that question. I thank the noble Lord, Lord Adonis, for not pressing his amendment.

[Lord Adonis]

I beg leave to withdraw the amendment.

Amendment to the Motion withdrawn.