Thank you, Dirprwy Lywydd. The Legislation, Justice and Constitution Committee considered these regulations on 2 November, and our report is available as part of the agenda. We have noted that these regulations are made by the Treasury under Part 1 of the Financial Guidance and Claims Act 2018, to which the Senedd gave its legislative consent on 13 February 2018. During that Plenary debate, the Minister for Housing and Regeneration at the time said this of any future debt respite scheme:

'This is still some way off, but we will continue to work closely with the UK Government and the SFGB, when it's established, in addition to advice providers and other stakeholders to influence the development of any scheme and determine whether it meets the requirements of Wales.'

Given this statement, we asked the Welsh Government to set out how the debt respite scheme has been developed to meet the requirements of Wales and to confirm whether it's content that these regulations do not generally come into force until 4 May next year. In its response, the Welsh Government advised us that officials had been working closely with the Treasury on the policy for the debt respite scheme since 2018. In addition, we were told that Welsh Government lawyers assessed the draft regulations for the scheme, following which the UK Government made amendments to the draft regulations to ensure they aligned with Welsh legislation.

With regard to the commencement date of the regulations, the Welsh Government's response indicates that the development of the debt respite scheme was delayed on two occasions, a fact that it has found disappointing. However, the Welsh Government considers that there remains a lot of challenging work, and while it would welcome the implementation of the scheme taking place before May of next year, it considers that it is more important that a scheme is implemented with all protections in place. As such, the Welsh Government has accepted an implementation date of 4 May 2021.

As a committee, we are aware that the Welsh Government has laid a legislative consent memorandum before the Senedd in addition to the UK Financial Services Bill. I draw this to Members' attention this afternoon because that LCM indicates that the regulations being considered today are the first part of the debt respite scheme. The second part, the statutory debt repayment plan, is the subject of the UK Financial Services Bill. Our committee will consider the LCM for this Bill in the coming weeks, and no doubt the Senedd will be asked to consider a consent motion in the near future. Thank you, Dirprwy Lywydd.