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Grand Committee
Financial Services and Markets Bill
Committee stage - Mon 06 Feb 2023
HM Treasury

Mentions:
1: Baroness Twycross (LAB - Life peer) those with an income of £50,000 or more. - Speech Link
2: Baroness Penn (CON - Life peer) from fines imposed by the courts needs to be paid into the consolidated fund. - Speech Link
3: Baroness Bowles of Berkhamsted (LDEM - Life peer) You will have to fund regulators more if they are to address fraud more. - Speech Link
4: None have seen so many independent reviews—for example, those relating to London Capital & Finance, the Connaught - Speech Link


Lords Chamber
Financial Services and Markets Bill
2nd reading - Tue 10 Jan 2023
HM Treasury

Mentions:
1: Baroness Twycross (LAB - Life peer) ”.The requirements must also ensure that older people, those with disabilities and those on a lower income - Speech Link
2: Lord Sikka (LAB - Life peer) The FCA has been severely criticised for its failures in episodes such as Connaught, London Capital & - Speech Link
3: Viscount Trenchard (CON - Excepted Hereditary) We did not resist the adoption and eventual entry into force in 2018 of MiFID II, which requires fund - Speech Link


Lords Chamber
Compensation (London Capital & Finance plc and Fraud Compensation Fund) Bill
2nd reading - Tue 19 Oct 2021
No Department present

Mentions:
1: Baroness Bennett of Manor Castle (GRN - Life peer) What about investors in Blackmore Bond, in Basset & Gold, in secured energy bonds and, indeed, in Connaught - Speech Link
2: Lord Sikka (LAB - Life peer) For example, Neil Woodford’s Equity Income Fund collapse in the summer of 2019 left a lot of investors - Speech Link
3: Viscount Younger of Leckie (CON - Excepted Hereditary) There are important differences that distinguish LCF from the Woodford Equity Income Fund, because Woodford - Speech Link


Public Bill Committees
Rating (Coronavirus) and Directors Disqualification (Dissolved Companies) Bill (Second sitting)
Committee stage: 2nd sitting - Tue 06 Jul 2021
Department for Levelling Up, Housing & Communities

Mentions:
1: Marie Rimmer (LAB - St Helens South and Whiston) Q How will the provisions affect local government income from business rates? - Speech Link
2: Jeff Smith (LAB - Manchester, Withington) it reinforces the point made earlier—that the expectations of business of what the fund might be able - Speech Link
3: Jeff Smith (LAB - Manchester, Withington) We are very interested in cases such as Blackmore Bond, London Capital & Finance, Connaught, Lendy - Speech Link
4: Peter Grant (SNP - Glenrothes) should be relentless when it comes to chasing down people who operate scams such as Blackmore Bonds, Connaught - Speech Link
5: Seema Malhotra (LAB - Feltham and Heston) Previously, debt was used to fund growth and further investment. - Speech Link


Public Bill Committees
Compensation (London Capital & Finance plc and Fraud Compensation Fund) Bill (Second sitting) - Tue 15 Jun 2021
HM Treasury

Mentions:
1: Pat McFadden (LAB - Wolverhampton South East) The question would have been asked: if we did this for LCF, what about investors in the Connaught fund - Speech Link
2: John Glen (CON - Salisbury) In particular, it was authorised by the FCA despite generating no income from regulated activities. - Speech Link
3: Matt Rodda (LAB - Reading East) the majority of the bill for the Fraud Compensation Fund. - Speech Link


Public Bill Committees
Compensation (London Capital & Finance plc and Fraud Compensation Fund) Bill (First sitting)
Committee stage: 1st sitting - Tue 15 Jun 2021
Department for Work and Pensions

Mentions:
1: Richard Fuller (CON - North East Bedfordshire) FCA we have accepted all the recommendations of Dame Elizabeth’s report, and Raj Parker’s report into Connaught - Speech Link
2: Richard Fuller (CON - North East Bedfordshire) Even with future levy income, the expectation is that there will be unfunded liabilities in the region - Speech Link
3: Guy Opperman (CON - Hexham) When the Pension Protection Fund and the Fraud Compensation Fund were created in 2004, am I right to - Speech Link
4: Pat McFadden (LAB - Wolverhampton South East) financial services scandals that have occurred where regulatory failure is either proven, as in the Connaught - Speech Link
5: Peter Grant (SNP - Glenrothes) agree is because there is a mountain of evidence suggesting that there are many similar cases to LCF—Connaught - Speech Link


Commons Chamber
Compensation (London Capital & Finance plc and Fraud Compensation Fund) Bill
2nd reading - Tue 08 Jun 2021
Department for Work and Pensions

Mentions:
1: Guy Opperman (CON - Hexham) In particular, the firm was authorised by the FCA, despite generating no income from regulated activities - Speech Link
2: Pat McFadden (LAB - Wolverhampton South East) Let me turn to clause 2 and the fraud compensation fund. - Speech Link
3: Peter Grant (SNP - Glenrothes) and sadly almost certainly not the last, in a roll of shame that includes Equitable Life, Premier FX, Connaught - Speech Link
4: John Glen (CON - Salisbury) Friend the pensions Minister set out, LCF was an FCA-authorised firm despite not receiving any income - Speech Link


Lords Chamber
Financial Services Bill
Report stage - Wed 24 Mar 2021
Leader of the House

Mentions:
1: Lord Sikka (LAB - Life peer) This is well documented in the reports on London Capital & Finance and the Connaught Income Fund. - Speech Link
2: Lord Sikka (LAB - Life peer) allows a Gibraltar-based company to operate, conduct its business and receive what would be taxable income - Speech Link
3: Baroness Bennett of Manor Castle (GRN - Life peer) large group of people with incomes above those eligible for debt relief orders, but with assets and income - Speech Link


Grand Committee
Financial Services Bill
Committee stage - Wed 10 Mar 2021
Leader of the House

Mentions:
1: Lord Sharkey (LDEM - Life peer) the first tranche of former Northern Rock and B&B mortgages to an unregulated American vulture fund - Speech Link
2: None to an active lender or a high-street bank; it can sell you on to an unregulated entity or a vulture fund - Speech Link
3: Viscount Trenchard (CON - Excepted Hereditary) When I worked in Brussels as director-general of the European Fund and Asset Management Association — - Speech Link
4: Lord Sikka (LAB - Life peer) of the HBOS and RBS frauds, there is dithering on mini-bonds, the London Capital & Finance and Connaught - Speech Link
5: Baroness Bennett of Manor Castle (GRN - Life peer) That is, of course, a gross figure, one that reflects income but not costs. - Speech Link


Grand Committee
Financial Services Bill
Committee stage:Committee: 2nd sitting (Hansard) - Wed 24 Feb 2021
Leader of the House

Mentions:
1: Lord Sikka (LAB - Life peer) financial information to recognise unusual or suspicious transactions.Another report on the scandal-ridden Connaught - Speech Link
2: Lord Bruce of Bennachie (LDEM - Life peer) The sector includes banking, fund management, insurance, life assurance and pensions, asset servicing - Speech Link
3: Lord Eatwell (LAB - Life peer) firms from a near-existential breakdown in the financial system, that heralded a sharp downturn in real income - Speech Link