Alternative Investment Fund Managers Regulations 2013
Debate between Lord Hodgson of Astley Abbotts and Baroness Penn(12 months ago)
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Baroness Penn (Con)
I reassure the noble Baroness that the FCA has the appropriate powers to implement regulatory forbearance where it considers it appropriate, but it must operate within the legal framework and it does not have the powers to amend legislation—that is for this House to do. It is right that forbearance can only be a temporary, short-term fix. That is why the Government are committed to repealing and replacing retained EU law, including legislation related to cost disclosure, under our smarter regulatory framework.
Lord Hodgson of Astley Abbotts (Con)
My Lords, does my noble friend recognise that there really is a win-win situation here—a proven method of investment, offering individuals an opportunity to invest in new technologies relatively safely and new sources of funding for those technologies? The only thing standing in the way is the FCA. Where there is a will, there is a way, so could my noble friend please ask the FCA to engage in some digital extraction?
Baroness Penn (Con)
I reassure my noble friend that the FCA is indeed engaged in this issue, as are the Government. There are many problems with inherited EU financial services rules and we have set out a programme of work to look at how we can repeal them and replace them with UK-appropriate measures. These include the PRIIPs rules, which affect this issue, and the Government have set out our plans to repeal these measures and replace them with FCA rules, as soon as possible.
Dasgupta Review
Debate between Lord Hodgson of Astley Abbotts and Baroness Penn
Lord Hodgson of Astley Abbotts (Con)
My noble friend the Minister has talked about food security—as has Defra. Do she and the department recognise that we grow only 50% of the food that we eat? In those circumstances, and given the topsy-turvy world in which we live, should the policy not now be called “food insecurity” rather than food security?
Baroness Penn (Con)
My Lords, the figures I have are slightly different, at around 60% of the food we eat. Defra is committed to maintaining that. The UK does have good levels of food security and it will ensure that is the case in future.