Banks: Forgery

Lord Woodley Excerpts

Thursday 30th June 2022 Lords Chamber

[Lord Sharpe of Epsom (Con)]

I agree with my noble friend. We are straying away from the Home Office brief on this subject. Obviously, the Financial Services Act 2012 established the FCA as the conduct of business regulator for financial services. It has a focused set of objectives to promote effective competition in the interests of consumers, to secure an appropriate degree of protection for consumers and to protect and enhance the integrity of the UK financial system, but I absolutely agree that proportionality has to be a part of that.

[Lord Woodley (Lab)]

My Lords, as I am sure the Minister will know, in May 2019 Dame Elizabeth Gloster was appointed to investigate the collapse of London Capital & Finance and published a damning report in November 2021. Blackmore Bond is also about mini-bonds and poor regulation, yet no investigator has been appointed. Can the Minister explain why this is the case?

[Lord Sharpe of Epsom (Con)]

I am afraid that I have to refer the noble Lord back to my earlier answer about the operational independence of the NECC. I do not know what the evidential situation is. How can I possibly answer the question?