Again, this is one of those areas where I think that there is consensus, not just between the Opposition and the Government, but between the various professional bodies, too. The consensus is that there are schemes that misuse life insurance and the practice of rebating commission to create an untaxed gain.

I want to ask the Minister two questions about the clause. As we both know, and welcome, most financial advisers are moving away from commission-based remuneration towards fee-based remuneration. That might be achieved by an adviser rebating the commission back to his customer, who would then pay a fee instead. Alternatively, the adviser may augment the amount that is being reinvested on behalf of his client. Does the Economic Secretary believe that such a course might slow down the shift from commission-based to fee-based remuneration? Might it act as a barrier?

The anti-fragmentation rule asks people to see whether the total value of three years’ life assurance policies exceeds £100,000. There has been some concern about how easy that will be to administer. Will the Economic Secretary confirm whether the £100,000 de minimis limit—depending on how it crops up in successive clauses—will apply only to life policies for which commission has been waived? Or will it apply to all life policies that an individual might have?