Crown Currency Exchange
Andrew Selous Excerpts(13 years, 11 months ago)
Commons ChamberRead Full debate Read Hansard Text Read Debate Ministerial Extracts
Tessa Munt
I am not aware of the numbers; I am aware only that there is a peculiarity relating to 547 small payments institutions that do not seem to be regulated as other companies are. I hope that the Minister will give some response to the questions that have been raised.
Andrew Selous (South West Bedfordshire) (Con)
Does the hon. Lady share my concern that the business of Crown Currency Exchange was apparently regarded as low risk, when anyone with a basic grasp of economics could see the massive risk inherent in currency fluctuation up to a year in advance?
Tessa Munt
It is certainly clear that a number of people alerted various sections of the authorities. A year ago, the Financial Times and the financial pages of The Daily Telegraph and The Mail on Sunday were raising concerns, and they were right to do so.