Business of the House

John Glen Excerpts

Thursday 16th May 2013 Commons Chamber

[Mr Lansley]

I agree that this is an important matter, of which I confess I was not previously aware, and I will talk to my hon. Friends about it. I cannot promise time for a debate, but given the interest of this particular matter to a number of Members, it might be a suitable topic for an Adjournment debate application.

[John Glen (Salisbury) (Con)]

I am very concerned about the scandal surrounding Connaught Asset Management and the impact it is having on a number of my constituents. I am particularly concerned about the reluctance of the Financial Conduct Authority to take specific and appropriate responsibility for regulating the fund operator and investigating irregularities surrounding Tiuta plc. May we have a statement on this matter, particularly concerning how the FCA operates in dealing with these sorts of scandals?

[Mr Lansley]

My hon. Friend makes a point on behalf of his constituents. There are many issues in respect of which we want to make sure that we have the right procedures in place to deal with misconduct. In this particular instance, I will, if I may, take advice from my hon. Friends and provide a response. There are a number of routes by which directors responsible for misconduct can be tackled through the companies legislation or, indeed, insolvency practitioners through their professional bodies. I will look at the issue in greater detail and ensure that we respond to my hon. Friend.