Football Index Collapse: Lessons Learned
Debate between Stuart Andrew and Liz Twist(6 months, 2 weeks ago)
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Stuart Andrew
The hon. Gentleman interrupted me just before I was going to say that the commission and the FCA are already engaging to establish the details of the product and to agree the appropriate steps.
There have been reports that two individuals previously involved in running Football Index are involved in KiX. Adam Cole was the co-founder of Football Index. He surrendered his personal management licence in September 2021 while under review, and the commission reached findings of fact regarding his involvement in Football Index. Those would be considered if he were to make a new application for a personal licence.
The commission also wrote to Abdullah Suleyman, the former head of trading at Football Index, to confirm the nature of his involvement in KiX. Following the letter, he surrendered his personal management licence on Monday 22 April.
Liz Twist
I recognise some of the steps that have been taken, but this comes down to the fact that we do not want to see people being taken in in the same way as they were with Football Index. It is great that those individuals have given up their personal management licences, but they have already shared their information and used their experience to set up a new system. What more can we do to make sure that people in the UK are clear about the status of this and that it is properly regulated?
Stuart Andrew
I was going to come on to that point. I reassure colleagues that the commission will continue to take a very active role in the monitoring of this product, and the FCA is also looking into the KiX business and will take appropriate risk-based action if it identifies that any of its activities fall into the FCA’s remit. However, I will raise this issue with both organisations again to ensure that everything is being done, because, like everybody else here, I do not want this to happen again. I hope I can reassure the House that the commission has been monitoring the market for several years for potential products that attempt to replicate Football Index. It has intervened in several instances. Although it would not be appropriate for me to name those businesses, that demonstrates the commission’s proactive work in this area.
The hon. Member for Blaydon raised the issue of StocksFC. The Gambling Commission is engaged with StocksFC and is monitoring the company at this moment. I will write to the commission for further information on that product and ensure that everything is being done to monitor it.
Oral Answers to Questions
Debate between Stuart Andrew and Liz Twist(6 months, 2 weeks ago)
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Stuart Andrew
The hon. Lady has raised an important point, as have other Members. The Government are leading work on concussion in particular. We have worked with stakeholders and developed the first guidelines to be distributed to the grassroots, which have also aided professional sports. The evaluation of this is ongoing and will be invaluable in helping us to improve sport-related education and health. We have also convened a sports concussion research group to identify the questions that still need answering, as well as an innovation and technology panel, whose members are looking at the practical, technical solutions that will aid safety and mitigate concussion. However, as I have said, this is an incredibly important area and one on which we will focus.
Liz Twist (Blaydon) (Lab)
The Parliamentary Under-Secretary of State for Culture, Media and Sport (Stuart Andrew)
The statutory levy represents a generational change in funding arrangements, and we have to consider properly the evidence provided during the consultation. We will publish a response setting out our final decision soon, but we remain on track to introduce the levy via secondary legislation this summer.
Liz Twist
It has been months since the consultation closed, with no response, and about 10 other consultations relating to the White Paper are also awaiting a response. Is the Minister trying to kick change into the long grass, and if not, will he please confirm when the responses will be published?
Stuart Andrew
I reject that accusation. There are 62 proposals in the White Paper, half of which will be finalised as a result of the consultation or are complete. A further three consultations have ended, and we are now analysing those. The levy is a priority, because we want the funds to be directed where they are needed most, on the basis of evidence, and we are working at pace to ensure that happens. I also point out that it was this Government who introduced it.
Oral Answers to Questions
Debate between Stuart Andrew and Liz Twist(8 months, 2 weeks ago)
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Stuart Andrew
It sounds as if I need to have a cross-Shropshire meeting to discuss facilities in that area. We have been clear about the funding provided for swimming pools. As part of our strategy and determination to get more people active, we will be doing a piece of work to understand the location of black spots where we need to do more to provide more facilities and what those facilities should be to address local needs.
Liz Twist (Blaydon) (Lab)
The Parliamentary Under-Secretary of State for Culture, Media and Sport (Stuart Andrew)
The Government have invested millions of pounds to support charities across England with the cost of living pressures, including the £76 million community organisations cost of living fund, which has now awarded all funding to frontline services helping vulnerable households.
Liz Twist
Charities across my constituency in Blaydon do an amazing job in supporting people and communities in what are really difficult times. Today, a triple threat of rising costs, falling income and higher demand has created what the National Council for Voluntary Organisations has called a cost of giving crisis, with half of all charities saying they are at full capacity and some having to turn people away. What further steps can the Government take to ensure charities can continue with their vital work?
Stuart Andrew
Having been a head of fundraising for a charity, I recognise the position charities face when donations fall at the minute they need to help more people. That is why we have provided £100 million in funding and added another £76 million from dormant assets to help charities in that difficult situation.
Oral Answers to Questions
Debate between Stuart Andrew and Liz Twist(9 months, 4 weeks ago)
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Stuart Andrew
How could I possibly resist such an invitation? It is always a great honour to open facilities in this role, and I am delighted that we are so busy that we are opening thousands of them.
Liz Twist (Blaydon) (Lab)
Oral Answers to Questions
Debate between Stuart Andrew and Liz Twist(1 year, 4 months ago)
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Stuart Andrew
I am happy to say that we are mindful of the great contribution that horse-racing makes to this country’s economy, and it is followed throughout the world. We are doing the review into the levy. We are speaking to the industry and asking for its evidence, so that we can make a considered decision.
Liz Twist (Blaydon) (Lab)
Business of the House
Debate between Stuart Andrew and Liz Twist(4 years, 1 month ago)
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Stuart Andrew
I thank my hon. Friend for that question. Ever since she arrived in this House, I have seen her passionately fighting for her constituency on that issue. It is a very important issue, and she is right that we are determined to do this, but there is a process and a sequencing that we have to go through. I have seen some of the personal abuse that she has received, which is totally unacceptable. She is fighting as hard as she can for the victims who suffered that awful tragedy, and I know that she will not let that abuse stop her carrying on her great work.
Liz Twist (Blaydon) (Lab)
Today is World Suicide Prevention Day. I know that Members across the House will wish to mark that and thoughtfully share messages on their social media. Self-harm is, sadly, a strong predictor of future suicide. The all-party group on suicide and self-harm prevention has been conducting an inquiry, and on 23 September we will be holding our virtual launch of the report to see how we can reduce and prevent self-harm in young people. May we have a debate in Government time to look at the recommendations of the report and to find how we can reduce the risk of suicide?
Stuart Andrew
The all-party group should be congratulated on the work that it does. Suicide prevention is incredibly important. I think I have said in the House before that one of my friends killed himself when I was at school. It is something you never really get over. The hon. Lady is absolutely right that there are early indications that we need to look at. This would be a perfect topic that the Backbench Business Committee might want to consider for a debate, because I am sure many Members would want to take part.