Baroness Drake
Main Page: Baroness Drake (Labour - Life peer)Department Debates - View all Baroness Drake's debates with the Cabinet Office
(2 years, 11 months ago)
Lords ChamberMy noble friend is right to be concerned about the vigilance we need to deploy in this area, because it is a fast-moving target. We are always reviewing the situation. In July this year we published a call for evidence, which closed only a few weeks ago, in October. We will respond by June next year, looking at the issues my noble friend raised.
In a recent speech on money laundering, the FCA’s executive director of enforcement highlighted the emerging risk to consumers of online offers from unauthorised companies, investment scams and other too-good-to-be-true propositions. The FCA warning list of such firms has doubled in just over a year. Can the Minister assure the House that there are no plans for regulatory easing of money laundering post Brexit? Will the Government increase the resources of the Serious Fraud Office and the National Crime Agency so that they can enforce legislation effectively and protect the high number of consumers now at risk?
My Lords, as the noble Baroness will probably be aware, in 2018 we created a helpfully named quango oversight group called OPBAS, the professional body supervision group. It produces an annual report, which is always hard hitting on any failures—as indeed its most recent one was. This illustrates that we are entirely self-critical, to ensure that we are watching these developments carefully.