Andrew Smith
Main Page: Andrew Smith (Labour - Oxford East)Department Debates - View all Andrew Smith's debates with the HM Treasury
(13 years, 1 month ago)
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Tom Greatrex
I thank the hon. Lady for her intervention. There are two points: a point about what the FSA did in relation to Arch Cru, and a further point about the regulatory regime. As I said, with the FCA about to be set up, there is an important issue for the Government to deal with in that regard as well.
Mr Andrew Smith (Oxford East) (Lab)
I congratulate my hon. Friend on obtaining the debate and on the forensic and effective way in which he is presenting a very important case, which affects my constituents as it does others. Does it not pass all understanding how the FSA could have said on 21 June in its statement that it “considers that this package”—the £54 million package—
“is a fair and reasonable outcome, which is in the best interests of investors”
when it is not fair, not reasonable and clearly not in the best interests of investors?
Tom Greatrex
I agree wholeheartedly with my right hon. Friend. I hope to make a couple of remarks about that package in a few moments.