Baroness Bowles of Berkhamsted
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Baroness Bowles of Berkhamsted Excerpts(1 year, 10 months ago)
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Lord Sharpe of Epsom (Con)
My Lords, my noble friend makes a very sensible point. However, fraud falls within the Financial Conduct Authority’s objective of reducing the risk of financial crime, which impacts its consumer protection objectives. Obviously, the FCA will not hesitate to take the appropriate action against firms which do not meet its standards.
Baroness Bowles of Berkhamsted (LD)
My Lords, since the Minister has just raised the Financial Conduct Authority, should it not have a clear objective to prevent fraud, rather than it just being under consumers? Much of this fraud has been perpetrated against small and medium-sized businesses, which are not covered by the consumer protections.
Lord Sharpe of Epsom (Con)
The noble Baroness makes an interesting point, which I will happily take back to those who are responsible for overlooking and overseeing the FCA.