Part 1: Financial Guidance Etc Objectives and functions of the single financial guidance body Section 7: Debt respite scheme: regulations
Subsection (1) states that the Secretary of State must consider whether to make regulations for the establishment of a debt respite scheme as soon as is reasonably practicable, after receiving advice from the single financial guidance body on the scheme’s design, operation and implementation.
	Subsection (2) enables the Secretary of State to make regulations establishing a debt respite scheme after receiving the advice on the scheme from the single financial guidance body.
	Subsection (3) details that the regulations must take into account the advice on the scheme given by the single financial guidance body.
	Subsection (4) details that the regulations can ensure the scheme applies to England only, a combination of England, and Wales or Northern Ireland, or for the regulations to apply across England, Wales and Northern Ireland.
	Subsection (5) provides that the regulations for the debt respite scheme can make different provision for different geographical areas, and for different purposes. It also allows for the regulations to make incidental, supplemental, consequential, transitional or saving provision. As well, the regulations allow for obligations entered into or debts due to be repaid before the regulations come into force to be included in a debt respite scheme.
	Subsection (6) states that any provision that is incidental, supplemental, consequential, transitional or saving can amend any provision made under an Act of Parliament, a Measure or Act of the National Assembly of Wales should the debt respite scheme apply in Wales, and Northern Ireland legislation should the scheme apply in Northern Ireland.
	Subsection (7) states that regulations to establish a debt respite scheme will be made through a statutory instrument.
	Subsection (8) states that the regulations can only be made should they be approved by a resolution of each House of Parliament, the National Assembly of Wales should the debt respite scheme apply in Wales, and the Northern Ireland Assembly, should the scheme apply in Northern Ireland.