The conclusions of the review, set out in a White Paper in July 1998, confirmed that the new Government, like the previous one, believed in incentives and competition. It pointed towards modest changes designed to strengthen the position of consumers, better to represent them and to increase transparency. All laudable objectives to which the regulators were already working, with considerable success. Now we have a Bill which shows how difficult Governments can find it to translate good intentions into sensible legislation. I find the Bill overcomplicated, because it is over-prescriptive.
Nothing is left to good sense.
But pinning everything down in legislative text, on top of several layers of existing legislation has produced some variable results. The objective of the White Paper, to put the protection of consumers at the top of the list, while retaining the duty to finance functions, has been achieved. We will consult on a policy statement which will set out how we will act under this Clause. It has to be operated reasonably. The companies could face fines both from the regulator and from the Secretary of State for the same failure.