Contributions
1,763 recent contributions in Hansard
HANSARDFinancial Services Bill (Eleventh sitting)I take this issue very seriously. I recognise the work of StepChange and I note the letter from Marlene Shiels, chief executive officer of the Capital Credit Union and her support…03 Dec 2020HANSARDFinancial Services Bill (Eleventh sitting)I thank the hon. Ladies and the right hon. Gentleman for their speeches, to which I have listened carefully. I will try to address fully the 10 new clauses that have been tabled.…03 Dec 2020HANSARDFinancial Services Bill (Eleventh sitting)I very much appreciate the sentiment behind the new clause. The right hon. Member for Wolverhampton South East set out all the different areas of focus involved in financial…03 Dec 2020HANSARDFinancial Services Bill (Eleventh sitting)There is ongoing work and ongoing evolving action by the FCA. The Government have taken strong steps to prevent problem debt from occurring and to support those who fall into it.…03 Dec 2020HANSARDFinancial Services Bill (Eleventh sitting)What a pleasure it is to serve under your chairmanship once again, Mr Davies. These new clauses seek to place requirements on the Government to make various reports related to the…03 Dec 2020HANSARDFinancial Services Bill (Twelfth sitting)The new clause proposes to create a new criminal offence, for FCA-regulated persons only, of facilitating economic crime and of failing to prevent economic crime. In recent years,…03 Dec 2020HANSARDFinancial Services Bill (Ninth sitting)I thank the right hon. Gentleman for his comments. He raises a number of specific points around drafting, and if there is anything that I cannot answer, I shall write to him…01 Dec 2020HANSARDFinancial Services Bill (Ninth sitting)It is described as a portmanteau Bill.01 Dec 2020HANSARDFinancial Services Bill (Ninth sitting)This amendment to the Sanctions and Anti-Money Laundering Act 2018 ensures that the Government have the power to change, and Her Majesty’s Revenue and Customs has the power to…01 Dec 2020HANSARDFinancial Services Bill (Ninth sitting)I would never say that the measure was a panacea for economic crime or the complexity of the evolving and changing nature of the risks that we face in financial services. It is…01 Dec 2020HANSARDFinancial Services Bill (Ninth sitting)I give way to the hon. Gentleman.01 Dec 2020HANSARDFinancial Services Bill (Ninth sitting)I thank Opposition Members for the last three speeches. I think that they expressed a broad understanding of and agreement with the measure, but more general concern about the…01 Dec 2020HANSARDFinancial Services Bill (Ninth sitting)Three a year.01 Dec 2020HANSARDFinancial Services Bill (Ninth sitting)Clause 30 concerns the penalty for criminal market abuse. Market abuse undermines integrity, reduces public confidence and impairs the effectiveness of the financial markets.…01 Dec 2020HANSARDFinancial Services Bill (Ninth sitting)Clause 29 makes two small technical changes to the market abuse regulation. The first concerns insider lists, which are lists of all persons who have access to inside information…01 Dec 2020HANSARDFinancial Services Bill (Ninth sitting)I have already explained why we are acting to create a new process so that the FCA can more quickly cancel the authorisation of firms that it believes are no longer continuing…01 Dec 2020HANSARDFinancial Services Bill (Ninth sitting)The point here is that clearly a business could be registered at Companies House, could historically have done regulated activity under the FCA and that regulated activity could…01 Dec 2020HANSARDFinancial Services Bill (Ninth sitting)As far as I am aware, the Companies House register is a separate entity run from the Department for Business, Energy and Industrial Strategy. A considerable amount of work is…01 Dec 2020HANSARDFinancial Services Bill (Ninth sitting)Clause 28 introduces schedule 11, which amends the Financial Services and Markets Act 2000 to put in place a new process so that the FCA can more quickly cancel the authorisation…01 Dec 2020HANSARDFinancial Services Bill (Ninth sitting)The hon. Lady is taking me further and further away from the Bill. Her core point is about the suitability and sufficiency of the FCA’s capability. The FCA has provision to take…01 Dec 2020