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Legal Services Bill [HL]

My Lords, my interpretation of Clause 27 may differ from that of the noble Lord. It says, of the approved regulator’s duty: "““In discharging its regulatory functions … an approved regulator must comply with the requirements of this section?—" and that it, "““must, so far as is reasonably practicable, act in a way … compatible with the regulatory objectives, and which the … regulator considers most appropriate for the purpose of meeting those objectives? ." It then says that the regulator, "““must have regard to … the principles under which regulatory activities should be transparent, accountable, proportionate, consistent and targeted only at cases in which action is needed [and] any other principle appearing to it to represent the best regulatory practice, and … the public interest?." Within that context, that reflects the approved regulator’s duty and enables it to act within the principles set out in the Bill. The noble Lord may disagree with me—I realise he does from his expression and head movements—but we have achieved that, and I hope that the noble Lord, Lord Kingsland, will withdraw his amendment. We are on Report, I am sitting down.