Thank you again, Dirprwy Lywydd. We considered the legislative consent memorandum on the Financial Services Bill in November last year, and our report was laid last December. Members will be aware that the Senedd consented to the Financial Guidance and Claims Act 2018 in February 2018, and it made provision for the creation of a debt respite scheme, consisting of two parts: breathing space and the statutory debt repayment plan. Our committee considered the first part of the scheme—that is the Debt Respite Scheme (Breathing Space Moratorium and Mental Health Crisis Moratorium) (England and Wales) Regulations 2020—last November. The Senedd subsequently approved these regulations on 10 November 2020.

The Financial Services Bill, as the Minister has outlined, makes provision in relation to the second part of the scheme, concerning the statutory debt repayment plan. In our report, we noted the Welsh and UK Government's assessments that clause 32 requires the Senedd’s consent and the Welsh Government’s explanation of why making provision for Wales in the Bill is appropriate. We also noted that any future regulations made by UK Ministers, to the extent that they will provide for the statutory debt repayment plan to apply in relation to Wales, will need to be laid before and approved by a resolution of the Senedd in order for them to apply in Wales. Diolch, Dirprwy Lywydd.