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Debate between Liz Saville Roberts and Tulip Siddiq
Tuesday 3rd December 2024
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(3 weeks, 1 day ago)
Commons ChamberRead Full debate Read Hansard Text Read Debate Ministerial Extracts
Liz Saville Roberts (Dwyfor Meirionnydd) (PC)
WealthTek was placed into administration by the Financial Conduct Authority after losing £80 million of its clients’ money. FCA-appointed administrators are now deducting fees from victims’ compensation. My constituents Dominic Knights and his wife have between them lost thousands of pounds. What is the Treasury doing to safeguard the £85,000 compensation limit?
The Economic Secretary to the Treasury (Tulip Siddiq)
The FCA is held to account by the Government and Parliament, but Treasury Ministers cannot comment on individual cases, and the Treasury has no stake in the operational issues of the FCA. I am very happy to meet with the right hon. Lady and the FCA to discuss that matter, but let me be clear: the FCA is an independent regulator.