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Financial Services Bill

If the noble Lord is saying that there is no obligation to produce a report on action not taken, that is of course the case. However, if action is taken, it will be in the minutes of the council and therefore in the public domain. I do not see any objection to the way in which the council is expected to act or to the way in which the nation will be able to see both the assessment of risks and the action taken—if any there is—recorded in the minutes. I cannot really see, therefore, the nature of the anxiety of the noble Lord, Lord Higgins. We are seeking to emphasise what after all is an underpinning concept of the council: that it must be open, transparent and accountable. I have described a structure which has the same objective as the noble Baroness. I understand that she thinks that we should go about it slightly differently, and I have said that we may update the terms of reference to take account of the position that she set out in her amendment.