Business of the House

Alun Cairns Excerpts

Thursday 7th July 2011 Commons Chamber

[Sir George Young]

I hope that the hon. Lady will concede that we took a number of initiatives in the Budget to promote giving to the charitable sector. We also set up a transitional fund to help charities through what is a difficult time. There will be an opportunity on the final day before the recess for the hon. Lady to speak in one of the Adjournment debates that I announced at the beginning of business questions.

[Alun Cairns (Vale of Glamorgan) (Con)]

May we have a debate on the administration and regulation of the Arch Cru investment fund? Some 20,000 people were left hanging when the fund was suspended two years ago. A compensation package has been offered by some of the stakeholders involved, but it is highly conditional and seems quite inadequate.

[Sir George Young]

I am sorry to hear about the investors who lost their funds in the Arch Cru debacle. On 21 June, the Financial Services Authority announced a £54 million package for the investors, to which my hon. Friend has just referred. This is a matter for the FSA. The package will be used to make payments to eligible investors in Arch Cru funds, and will assist the return of a substantial part of their investment to them. I suggest that my hon. Friend pursue the matter further with the FSA.