Saving Gateway Accounts Bill

I recognise the noble Baroness’s point. There are scoundrels operating in the margin in the unbanked community that we are trying to draw into the formal banking community and one needs to be alert to minimising opportunities for mischief in that area. However, it is worth bearing in mind that the value of the saving gateway account will be small—up to £600 plus entitlement to any match payment earned. Therefore it is unlikely that the account will be used for security by the account holder for, say, a loan or acquisition of another asset, particularly as the option is already there to remove funds from the account. However, in my comments about the scope for mischief and bad behaviour, I am alert to the noble Baroness’s point. We come back to an issue of proportionality. I am much reminded, as I look across the Committee Room to the noble Lord, Lord Newby, that this piece of legislation requires us to strike some compromises. There is certainly an important one here in ensuring that the saving gateway is not so onerous or beset by regulation and control as to make it unattractive either to prospective account providers or to account holders.