Chamber and committees

Okay. Thank you for that.

Oliver, are you finished?

Other stakeholders have suggested that there are existing protections in the Consumer Credit Act 1974 and via the FCA. From what you are both saying, the regulations and the FCA are not strong enough.

The FCA has announced its intention to introduce a new consumer duty that would make it easier to take action against harmful products. Does that allay any of your concerns?

Before I bring in Mike Dailly, just on that point about the use of Scots law and English law, do you know what type of financial sum Scotland is losing out on, annually, as a consequence of the current law?

I thank Myles Fitt and Alan McIntosh for their help. As with the first panel of witnesses, the committee might wish to follow up in correspondence any additional questions stemming from the meeting.

I suspend the meeting briefly to allow the witnesses to leave.

Under item 5, we are considering one instrument, on which no points have been raised.

Is the committee content with the instrument?

Members indicated agreement.

As agreed earlier, we now move into private.

We will come on to a range of questions that will involve that.

My final question concerns the business-to-business opportunities of the bill. Will any particular sector of the business community benefit primarily if the bill were to pass?