Oral Answers to Questions

Barry Sheerman Excerpts

Wednesday 12th March 2014 Commons Chamber

[Mr Maude]

I absolutely understand the point that my right hon. Friend makes and I will undertake to look at this with my right hon. Friends the Home Secretary and the Prime Minister.

[Mr Barry Sheerman (Huddersfield) (Lab/Co-op)]

T4. The Minister has a bit of a reputation as a pyromaniac, trying to have bonfires of regulations, quangos and much else. If that is the case, why is he allowing the Financial Conduct Authority to introduce a new code that will inhibit crowdfunding and local people in their communities in raising money through social media? Why do we have this new regulation?

[Mr Maude]

I accept the compliment that the hon. Gentleman pays me—gracefully, I hope—but the issue he raises is not one with which I am familiar. I am sure that my right hon. Friends in the Treasury will want to look at it. It is a great pleasure to have representation from the Opposition about excessive regulation. [Interruption.]