Contributions
1,153 recent contributions in Hansard
HANSARDCompensation (London Capital & Finance plc and Fraud Compensation Fund) Bill (Second sitting)I beg to move amendment 1, in clause 1, page 1, line 5, at end insert— “(1A) Within six months of this Act receiving Royal Assent, the Secretary of State shall lay before…15 Jun 2021HANSARDCompensation (London Capital & Finance plc and Fraud Compensation Fund) Bill (Second sitting)My hon. Friend is right; the lacuna referred to in the report relates particularly to the allocation of ISA status. We asked Dame Elizabeth about that during the oral evidence…15 Jun 2021HANSARDCompensation (London Capital & Finance plc and Fraud Compensation Fund) Bill (Second sitting)I am grateful to the Minister. I am just going through this series of things to try to clarify exactly what might place the taxpayer on the hook. Does it require the kind of…15 Jun 2021HANSARDCompensation (London Capital & Finance plc and Fraud Compensation Fund) Bill (Second sitting)My hon. Friend raises a very important point. There are many reasons why clarity about the limitations of Government responsibility and taxpayer responsibility, to put it another…15 Jun 2021HANSARDCompensation (London Capital & Finance plc and Fraud Compensation Fund) Bill (Second sitting)My hon. Friend makes a very strong point. The question of the perimeter is inescapable. One of Dame Elizabeth’s recommendations is that the Government consider the FCA’s remit,…15 Jun 2021HANSARDCompensation (London Capital & Finance plc and Fraud Compensation Fund) Bill (Second sitting)I want to ask the Minister about the point he made about on-lending. What is the relationship between on-lending and the degree of regulatory failure? He is probably right that…15 Jun 2021HANSARDCompensation (London Capital & Finance plc and Fraud Compensation Fund) Bill (Second sitting)I am grateful for the Minister’s response. I am not entirely convinced about the relationship between on-lending and the decision to compensate. I am sure that the Minister is…15 Jun 2021HANSARDCompensation (London Capital & Finance plc and Fraud Compensation Fund) Bill (Second sitting)We are trying to put ourselves into discussions that we have not been party to so, to some extent, I am speculating on the way that the Government have built their argument. I…15 Jun 2021HANSARDCompensation (London Capital & Finance plc and Fraud Compensation Fund) Bill (Second sitting)I beg to move amendment 2, in clause 1, page 1, line 15, at end insert— “(3A) Within six months of this Act receiving Royal Assent, the Secretary of State shall lay before…15 Jun 2021HANSARDCompensation (London Capital & Finance plc and Fraud Compensation Fund) Bill (Second sitting)It is really just a question. The Committee has received a number of representations from LCF investors about this 80% level. What is the Minister’s response to those…15 Jun 2021HANSARDCompensation (London Capital & Finance plc and Fraud Compensation Fund) Bill (Second sitting)Thank you for your guidance, Ms Ghani. Later, I will move amendment 2 and, with your help, my hon. Friend the Member for Reading East will move amendments 3, 5 and 6, which stand…15 Jun 2021HANSARD Compensation (London Capital & Finance plc and Fraud Compensation Fund) Bill (First sitting)Q I thank all the witnesses for appearing before us this morning. I would like to begin with a question for the witnesses from the Financial Services Compensation Scheme. Clause 2…15 Jun 2021HANSARD Compensation (London Capital & Finance plc and Fraud Compensation Fund) Bill (First sitting)Q Can you tell us a bit more about how it works? Give us a picture of the common mis-selling techniques and scams that are out there. How do these people operate? James…15 Jun 2021HANSARD Compensation (London Capital & Finance plc and Fraud Compensation Fund) Bill (First sitting)Q Do you think that online advertising and selling exacerbates the problem because it might remove the kind of face-to-face discussion that you would have with an adviser? Or…15 Jun 2021HANSARD Compensation (London Capital & Finance plc and Fraud Compensation Fund) Bill (First sitting)Q Thank you. I now have a couple of questions for the FCA’s representatives. The findings in the Gloster report are pretty damning in a number of ways. I will not go through them…15 Jun 2021HANSARD Compensation (London Capital & Finance plc and Fraud Compensation Fund) Bill (First sitting)Q You are right that financial firms fail, but the issue is not just their failure. The reason for the Bill is that the Government judge that such was the degree of regulatory…15 Jun 2021HANSARD Compensation (London Capital & Finance plc and Fraud Compensation Fund) Bill (First sitting)Q In 2014, the FCA took on responsibility for supervising tens of thousands more firms as a result of the transfer of responsibilities from the Office of Fair Trading. Should we…15 Jun 2021HANSARD Compensation (London Capital & Finance plc and Fraud Compensation Fund) Bill (First sitting)Q Are you telling us that it was a difficult thing to swallow but you now have the systems in place to deal with it? Sheree Howard: I was not in the FCA at the time, but it was a…15 Jun 2021HANSARD Compensation (London Capital & Finance plc and Fraud Compensation Fund) Bill (First sitting)Q Good morning. Thank you very much for giving evidence today. Clause 2 of the Bill authorises a Government loan that will subsequently be paid for by a levy on the industry over…15 Jun 2021HANSARD Compensation (London Capital & Finance plc and Fraud Compensation Fund) Bill (First sitting)Q The reason for that is the growth of pension fraud and mis-selling. Obviously, you are the ultimate backstop at the Pension Protection Fund. What is your view of the trajectory…15 Jun 2021