Answers to frequently asked questions relating to banking, credit, mortgages, investments and financial service fraud.

Answers to frequently asked questions relating to banking, credit, mortgages, investments and financial service fraud.

To ask the Secretary of State for Business, Innovation, Science and Trade, what progress his Department has made on secondary legislation under the Product Regulation and Metrology Act 2025, particularly in relation to holding online marketplaces accountable for the safety of products sold on their platforms.

To ask the Secretary of State for Business, Innovation, Science and Trade, what progress his Department has made on secondary legislation under the Product Regulation and Metrology Act 2025, particularly in relation to holding online marketplaces accountable for the safety of products sold on their platforms.

To ask the Secretary of State for Business, Innovation, Science and Trade, whether the forthcoming regulations under the Product Regulation and Metrology Act 2025 will place a legal duty on online marketplaces to monitor and remove unsafe products.

To ask the Secretary of State for Business, Innovation, Science and Trade, whether the forthcoming regulations under the Product Regulation and Metrology Act 2025 will place a legal duty on online marketplaces to monitor and remove unsafe products.

My Lords, first, I thank the noble Lords, Lord Sharpe and Lord Hunt, for the amendments in this group.

I will take Amendment 22 first. I reassure the noble Lords that the Bill does not prevent parties in any sector, including construction firms, making use of payment arrangements through a bank...

My Lords, first, I thank the noble Lords, Lord Sharpe and Lord Hunt, for the amendments in this group.

I will take Amendment 22 first. I reassure the noble Lords that the Bill does not prevent parties in any sector, including construction firms, making use of payment arrangements through a bank...

My Lords, I am again grateful to the Minister for his response and, indeed, to the noble Lord, Lord Fox, for his comments. On the ESG impositions and the general risk of coercion of smaller businesses by larger ones, I accept that these are already prohibited by law but I...

My Lords, I am again grateful to the Minister for his response and, indeed, to the noble Lord, Lord Fox, for his comments. On the ESG impositions and the general risk of coercion of smaller businesses by larger ones, I accept that these are already prohibited by law but I...

Moved by

Lord Fox

27: Clause 18, page 22, line 35, at end insert—

“(5A) The adjudicator must reach a decision determining a relevant payment dispute before the end of the period of 60 days beginning with the day on which the dispute is referred to adjudication under the scheme.

(5B) The adjudicator may...

Moved by

Lord Fox

27: Clause 18, page 22, line 35, at end insert—

“(5A) The adjudicator must reach a decision determining a relevant payment dispute before the end of the period of 60 days beginning with the day on which the dispute is referred to adjudication under the scheme.

(5B) The adjudicator may...

My Lords, in moving Amendment 27, I shall also speak to Amendment 34. They are both in my name. Amendment 27 would require payment disputes referred to the adjudication scheme to be resolved within 60 days unless the Small Business Commissioner considers a longer period reasonable. The Bill creates a...

My Lords, in moving Amendment 27, I shall also speak to Amendment 34. They are both in my name. Amendment 27 would require payment disputes referred to the adjudication scheme to be resolved within 60 days unless the Small Business Commissioner considers a longer period reasonable. The Bill creates a...

My Lords, we are all very grateful to the noble Lord, Lord Fox, for moving his amendment. Before I speak to this group, I once again thank the Minister for his engagement. We entered this part of the Bill with some apprehensions, not least regarding the funding of the Small...

My Lords, we are all very grateful to the noble Lord, Lord Fox, for moving his amendment. Before I speak to this group, I once again thank the Minister for his engagement. We entered this part of the Bill with some apprehensions, not least regarding the funding of the Small...

My Lords, once again, I thank the noble Lord, Lord Fox, for Amendments 27 and 34, and the noble Lord, Lord Leigh, who is not in this place, and the noble Lords, Lord Hunt and Lord Sharpe, for Amendments 28 and 29. First, I recognise the constructive spirit in which...

My Lords, once again, I thank the noble Lord, Lord Fox, for Amendments 27 and 34, and the noble Lord, Lord Leigh, who is not in this place, and the noble Lords, Lord Hunt and Lord Sharpe, for Amendments 28 and 29. First, I recognise the constructive spirit in which...

My Lords, I thank the Minister wholeheartedly for his response to both my amendments. The response to Amendment 27 was more ambitious than I was proposing, so I am very happy with that. His response to Amendment 34 on resources has been more than fulsome. On that basis, I beg...

My Lords, I thank the Minister wholeheartedly for his response to both my amendments. The response to Amendment 27 was more ambitious than I was proposing, so I am very happy with that. His response to Amendment 34 on resources has been more than fulsome. On that basis, I beg...

Moved by

Lord Fox

30: Clause 24, page 37, line 42, leave out “in the United Kingdom”

Member's explanatory statement

This amendment concerns regulations enabling the Small Business Commissioner to impose financial penalties for breach of payment reporting requirements. This amendment has the result that the penalties need not be linked to turnover in...

Moved by

Lord Fox

30: Clause 24, page 37, line 42, leave out “in the United Kingdom”

Member's explanatory statement

This amendment concerns regulations enabling the Small Business Commissioner to impose financial penalties for breach of payment reporting requirements. This amendment has the result that the penalties need not be linked to turnover in...

My Lords, I shall move Amendment 30 and speak to Amendments 31, 32, 43, 44 and 45, which sounds daunting but they are all the same amendment. These amendments are in my name, and I am happy to say that they have been countersigned by the Minister. The effect of...

My Lords, I shall move Amendment 30 and speak to Amendments 31, 32, 43, 44 and 45, which sounds daunting but they are all the same amendment. These amendments are in my name, and I am happy to say that they have been countersigned by the Minister. The effect of...

My Lords, as we come to the end of Report, I once again place on record my thanks to noble Lords on all sides of the House for their engagement with the passage of this Bill. Up to this point, we have had a very chummy time with a lot...

My Lords, as we come to the end of Report, I once again place on record my thanks to noble Lords on all sides of the House for their engagement with the passage of this Bill. Up to this point, we have had a very chummy time with a lot...

My Lords, I thank the noble Lord, Lord Fox, for his amendment regarding turnover and financial penalties. These amendments raise an important question about how turnover should be calculated for financial penalties under the payment reporting regime following an investigation by the SBC. I thank the noble Lord for the...

My Lords, I thank the noble Lord, Lord Fox, for his amendment regarding turnover and financial penalties. These amendments raise an important question about how turnover should be calculated for financial penalties under the payment reporting regime following an investigation by the SBC. I thank the noble Lord for the...

Moved by

Lord Fox

31: Clause 24, page 38, line 2, leave out “in the United Kingdom”

Member’s explanatory statement

This amendment mirrors my amendment of clause 24, page 37, line 42.

32: Clause 24, page 38, line 5, leave out “in the United Kingdom”

Member’s explanatory statement

This amendment mirrors my amendment of clause 24, page...

Moved by

Lord Fox

31: Clause 24, page 38, line 2, leave out “in the United Kingdom”

Member’s explanatory statement

This amendment mirrors my amendment of clause 24, page 37, line 42.

32: Clause 24, page 38, line 5, leave out “in the United Kingdom”

Member’s explanatory statement

This amendment mirrors my amendment of clause 24, page...

Moved by

Lord Leong

36: Clause 28, page 40, line 19, after “Act” insert “or regulations made under this Act”

Member’s explanatory statement

This amendment ensures that if the powers proposed by my new clause were exercised to change a payment period, the necessary consequential changes could be made to other statutory provisions.

Moved by

Lord Leong

36: Clause 28, page 40, line 19, after “Act” insert “or regulations made under this Act”

Member’s explanatory statement

This amendment ensures that if the powers proposed by my new clause were exercised to change a payment period, the necessary consequential changes could be made to other statutory provisions.

Moved by

Lord Leong

37: Schedule 1, page 43, line 20, leave out “2F” and insert “2G”

Member’s explanatory statement

This amendment is consequential on my proposed new clause.

38: Schedule 1, page 43, line 23, leave out “2F(1)” and insert “2G(1)”

Member’s explanatory statement

This amendment is consequential on my proposed new clause.

39: Schedule 1, page...

Moved by

Lord Leong

37: Schedule 1, page 43, line 20, leave out “2F” and insert “2G”

Member’s explanatory statement

This amendment is consequential on my proposed new clause.

38: Schedule 1, page 43, line 23, leave out “2F(1)” and insert “2G(1)”

Member’s explanatory statement

This amendment is consequential on my proposed new clause.

39: Schedule 1, page...

Moved by

Lord Fox

43: Schedule 3, page 58, line 3, leave out “in the United Kingdom”

Member’s explanatory statement

This amendment concerns financial penalties that may be imposed by the Small Business Commissioner in relation to poor payment practices. This amendment has the result that the penalties need not be linked to turnover...

Moved by

Lord Fox

43: Schedule 3, page 58, line 3, leave out “in the United Kingdom”

Member’s explanatory statement

This amendment concerns financial penalties that may be imposed by the Small Business Commissioner in relation to poor payment practices. This amendment has the result that the penalties need not be linked to turnover...

My Lords, we will carefully consider what the Minister has said, but I think he will acknowledge that there is some doubt, some worry and some concern still in existence. I appreciate his reiteration that Amendment 20 will be covered within the Bill already and I accept that the information...

My Lords, we will carefully consider what the Minister has said, but I think he will acknowledge that there is some doubt, some worry and some concern still in existence. I appreciate his reiteration that Amendment 20 will be covered within the Bill already and I accept that the information...

Moved by

Lord Sharpe of Epsom

22: Clause 11, page 15, line 34, at end insert—

“(3) A party to a construction contract is not precluded from engaging with a third party in the transference of money to another party to the construction contract under subsection (1).”

Member’s explanatory statement

This amendment seeks to probe...

Moved by

Lord Sharpe of Epsom

22: Clause 11, page 15, line 34, at end insert—

“(3) A party to a construction contract is not precluded from engaging with a third party in the transference of money to another party to the construction contract under subsection (1).”

Member’s explanatory statement

This amendment seeks to probe...