‘(1) Sections (The Flood Reinsurance Scheme) to (Intervention by the FCA or the PRA) are repealed at the end of the period of 25 years beginning with the day on which this Act is passed.

(2) The Secretary of State may by order amend subsection (1) so as to bring forward the day on which—

(a) sections (The Flood Reinsurance Scheme) to (Disclosure of information: preparatory purposes) are repealed;

(b) sections (Flood insurance obligations) to (Compliance reports) are repealed.

(3) The Secretary of State may by order make provision in connection with—

(a) the repeal of—

(i) sections (The Flood Reinsurance Scheme) to (Disclosure of information: preparatory purposes), or

(ii) sections (Flood insurance obligations) to (Compliance reports), or

(b) the revocation of regulations under sections (The Flood Reinsurance Scheme) to (Disclosure of information: preparatory purposes), at any time before those sections are repealed,

including provision amending or repealing an enactment.

(4) Provision made in an order by virtue of subsection (3) may, in particular, include—

(a) such provision for the transfer of property, rights and liabilities (including pension liabilities of staff) relating to the FR Scheme as the Secretary of State thinks fit;

(b) provision about legal proceedings relating to anything done in connection with the FR Scheme;

(c) provision about the accounts of the FR Scheme;

(d) provision about information held by the FR Scheme administrator.

(5) The Treasury may by order amend subsection (1) so as to bring forward the day on which sections (Functions of the FCA) to (Intervention by the FCA or the PRA) are repealed.

(6) The Treasury may by order make provision in consequence of the repeal of sections (Functions of the FCA) to (Intervention by the FCA or the PRA), including provision amending or repealing an enactment.’—(Dan Rogerson.)

Brought up, read the First and Second time, and added to the Bill.