Money Transfer Accounts and Remittance Sector

Kevin Brennan Excerpts

Wednesday 22nd January 2014 Westminster Hall

[Kevin Brennan (Cardiff West) (Lab)]

Bore da, Mr Owen. For those who do not speak the language of heaven, that means good morning.

I am grateful for the opportunity to probe the Government on their steps to support money transfer accounts and the remittance sector. According to a recent blog from the Africa Research Institute, the Secretary of State for International Development has described this issue as

“one of the most important things I have dealt with in my political career”,

so is at least as important as HS2, and therefore the Government should devote at least as much effort to, and invest at least as much political capital in, trying to sort it out. At a recent meeting at Ealing town hall, she assured UK Somalis that the

“best experts on the planet are working on a solution”

and that the Prime Minister has recognised that a rapid solution is needed to a problem that he has described as “massively important”. I hope that the Minister will update us on the Government’s steps so far, clarify their position, answer frankly any questions from hon. Members and tell us about the action that will be taken to provide a rapid solution to what the Prime Minister has described as a “massively important” problem.

The problem came to a head in May 2013 when Barclays announced that it intended to close the accounts of most of its clients in the money transfer and remittance business. The decision was delayed, probably due in part to a debate in Westminster Hall in July 2013, which was ably led by my hon. Friend the Member for Bethnal Green and Bow (Rushanara Ali). She is in the Chamber today, and she has led a brilliant campaign on the matter, supported by other hon. Members in the room.

Although the decision on the closure of accounts was delayed, unfortunately that was of little use to the constituent I mentioned in the 2013 debate, Mr Anwar Ali, whose business, Trust Exchange UK Ltd, was ruined by Barclays’s decision. As I said during that debate, that business was a model of the sort of small businesses that many hon. Members on both sides of the House would like to see in their constituencies. It not only offered a service to constituents who needed to transfer money to relatives overseas, but engaged in such things as charitable work and aid projects, especially in Bangladesh.

[Paul Blomfield (Sheffield Central) (Lab)]

As my hon. Friend knows, Sheffield is fortunate in having one of the largest Somali communities outside London. That community has made strong representations to me about the issue. The specific point is that an inability to transfer money causes not just domestic and individual family distress. A survey of diaspora communities in Sheffield that I carried out showed the important contribution that remittance giving makes in supplementing aid, so the issue also involves international development. Does he agree that that makes it much more important that the Government take action?

[Kevin Brennan]

I thank my hon. Friend for giving me the opportunity to acknowledge everything he said, including the Somali community in Sheffield. His intervention also allows me to remind the Chamber that Cardiff—my hon. Friend the Member for Cardiff South and Penarth (Stephen Doughty) is also in the room—has one of the oldest Somali communities in Britain, going back to the 19th century. The community plays a hugely important and positive role in the life of our great city. What my hon. Friend the Member for Sheffield Central (Paul Blomfield) said was right, and I shall say more about aid later.

[Kate Green (Stretford and Urmston) (Lab)]

I congratulate my hon. Friend on securing the debate, and I apologise that I will have to leave for a few minutes in the middle of it. Does he agree that for the Ogaden Somalis—around 500 are resident in my community—the ability to remit money back to families at home is particularly important because so many of them are suffering displacement and persecution? There is a particularly strong link with not only our moral but our economic responsibilities to those communities.

[Kevin Brennan]

My hon. Friend is absolutely right, and I am sure that that was why the International Development Secretary acknowledged, at least in words, the importance of the matter. Today we are seeking to poke the Government into quicker action than we have seen so far.

[Mike Gapes (Ilford South) (Lab/Co-op)]

In my constituency I have a large Somali community whose members send remittances to different parts of the world, as do other people. I want to supplement what my hon. Friend the Member for Sheffield Central (Paul Blomfield) said. Remittances do not just add to international development assistance because, globally, they are of greater value. If we cut them off, we will do serious damage to a number of countries and some of the poorest people in the world.

[Kevin Brennan]

If I keep taking interventions, I fear that my comments will become less fresh and novel to listeners because my hon. Friends, with their expertise on this matter, are anticipating many of my points. Nevertheless, I thank my hon. Friend for what he said.

Sadly, following the withdrawal of banking services by Barclays, my constituent, Mr Anwar Ali, had to run down his business severely, and I understand that if he is unable to find a solution to this banking problem, the business may have to close. It is one thing for large banks to refuse to lend to small businesses—we all know about that—but it is another to deny to legitimate, law-abiding small businesses the basic service of a bank account. The banks casually say that they are making a commercial decision, but to small businesses it is a commercial death sentence. Let me remind hon. Members of the importance of such remittances, especially to developing countries.

According to a United Nations Conference on Trade and Development report in 2012, in 48 of the least developed countries, remittance receipts climbed from £3.5 billion in 1990 to more than £27 billion in 2011—that figure might be much higher. In Somalia alone, the authorities said in 2012 that around one third of the country’s GDP—$2 billion—came through small money transfer agencies, and that 40% of people in Somalia depended on remittance flows.

A major multinational bank, which in recent years was heavily fined for wrongdoing, is operating in a market dominated by a small number of players of its kind and has withdrawn, mainly from small businesses, a service vital to their existence and crucial to some of the most vulnerable people in the world. It is difficult to get to the bottom of exactly why that has happened, because it has not made its reasons clear. Are they commercial reasons, as it blithely says, or are they fears about terrorism and money laundering? There is a lack of clarity about the reasons.

Anthony Jenkins, the chief executive officer of Barclays, said that it was stopping offering bank services to such business because they

“don't have the proper checks in place to spot criminal activity and could unwittingly be facilitating money laundering and finance terrorism”.

In a letter to Dahabshiil, which is one of the larger payment firms and is located, I believe, in the constituency of my hon. Friend the Member for Bethnal Green and Bow, Barclays said that the decision was

“not a negative reflection of your anti-money laundering standards, nor a belief that your business has unwittingly been a conduit for financial crime. It is, however, a commercial decision that we have taken due to the risks of the sector”.

Perhaps the Minister can explain—I know he talks to these big banks—what he thinks is behind the fact that every single major UK bank refuses to provide banking services to the sector, effectively financially excluding the firms, without considering each of them on its merits. Does he believe that that is purely commercial coincidence, or is it—[Interruption.] I wonder whether those in the civil service Box would stop talking while I am addressing the Chamber.

Does the Minister believe that that situation is a commercial coincidence, or is it another aspect of the overall lack of competition in the banking sector that the Government are failing to address? What can he tell us about the role of the National Crime Agency in this matter? In effect, the uncompetitive major banks have erected a complete barrier to the financial sector for some of its smallest members. Does the Minister think that is acceptable?

Dahabshiil was able to win an injunction against Barclays in the courts in October, so its account remains open for the time being, at least. Unfortunately, however, many other firms, including the one in my constituency, have not benefited from the development, because their accounts have already been closed by Barclays. Does the Minister believe that Barclays should offer to reopen the accounts that it closed before the court’s decision so that the account holders are able to carry on their business until the case is finally settled? Does he agree that that would be an entirely reasonable thing to do? It would allow businesses such as the one in my constituency to get on with the business that they were doing perfectly legitimately and legally beforehand so that money transfers could take place. Will he call on Barclays to reopen those accounts until the court decision is made? I understand that so far Barclays has refused to reopen those accounts, so I hope that the Minister will condemn that.

I pointed out in the 2013 debate that there seems to be a different set of rules for large banks and financial institutions, such as Barclays and Western Union, which stand to benefit from the situation. It has been proved that Western Union helped to facilitate money laundering in Mexico—it paid a fine to the Arizona state authorities in relation to that—yet it stands to inherit a lot of the business of small firms against which nothing has been proved. In recent years, almost all the large banks and institutions have been found guilty, in one way or another, of financial misdemeanours, and they have sometimes been fined—[Interruption.] I wonder whether I could ask you, Mr Owen, to appeal that those in the civil service Box do not interrupt the debate.

[Albert Owen (in the Chair)]

I am listening intently to the hon. Gentleman, who is making a very interesting contribution. Everybody is very quiet, so any noise that is heard is magnified. I ask that everyone in the room is courteous to the Member who is speaking.

[Kevin Brennan]

It is unfortunate that sound carries, Mr Owen, but it is distracting, so I am grateful for your assistance.

Those large banks and institutions not only have been fined, but have been bailed out by ordinary taxpayers to the tune of billions of pounds to stop them failing as a result of their greed. Their reward for that malfeasance has been a handout from Governments, yet these small businesses, against which much has been insinuated but nothing actually proved, have been squashed by the big banks’ refusal to allow them the facilities that they need to survive, effectively denying them the air that they need to breathe as businesses. That is an intolerable abuse, so the Government should be acting with the utmost urgency to fix it.

So far the Government have taken some steps, especially in relation to Somalia. In September they announced an action group on cross-border remittances, before announcing its terms of reference in December. However, four months after the action group was set up, why—to my knowledge, unless the Minister is going to make an announcement today—has no chair of the group been appointed and why have no meetings taken place? I understand that, as a direct result of today’s debate, a date has finally been set for the group’s first meeting, but the record so far smacks more of inaction than action. Will he tell us today who is to chair the group, and will he confirm when it will meet? We all recognise the danger of terrorism, but why has there not been more focus on helping such remittance businesses to avoid risks, rather than shutting them down when there is no evidence of wrongdoing?

[Sir Tony Baldry (Banbury) (Con)]

When the Secretary of State for International Development announced the setting up of the action group on cross-border remittances, she said, in reply to a written question from the hon. Member for Bethnal Green and Bow (Rushanara Ali), that part of its purpose would be to develop

“a safe corridor pilot to ensure the continued flow of remittances to Somalia through secure, legitimate and accessible channels.”—[Official Report, 27 November 2013; Vol. 571, c. 342W.]

The working group was given a one-year timetable. Does the hon. Member for Cardiff West (Kevin Brennan) agree that it is not unreasonable for the House to expect a complete solution to the problem and that Her Majesty’s Government should have found a way of ensuring that remittances from UK citizens can get to developing countries within, at the very latest, the one-year timetable set out by the Secretary of State?

[Kevin Brennan]

I agree with the right hon. Gentleman that it is important that we get on with it. My point is that, four months after the announcement that the action group would be set up, it has not yet met, and as far as I am aware we do not know who will chair it, unless the Minister can give us more information in his speech.

[John McDonnell (Hayes and Harlington) (Lab)]

I want to reflect the concern on both sides of the House about the lack of urgency on the matter. We expected a great deal more progress than has been achieved so far. The sense of urgency comes from our constituents whose families are dependent on remittances. In some instances, it literally is about people’s security as a family in the long term.

[Kevin Brennan]

My hon. Friend is absolutely right. We need firmer information from the Minister about when he expects that progress will be made, so we look forward to his speech.

For example, will the Minister guarantee that the action group will meet the target date—the deadline—of April 2014 to formulate new official guidance for money services businesses and banks, especially on agreeing how to deal with money laundering and terrorism risks? Does he anticipate that that will make it easier for banks to start providing bank accounts again? Is it his intention that that should happen by April, May, June, the summer, or within the one-year deadline? What estimate has he made of how many money transfer companies have been forced out of business so far, and how many will be forced out of business in the meantime due to the lack of a bank account?

I have paid tribute to my hon. Friend the Member for Bethnal Green and Bow for her leadership on the issue, even though that has not, unfortunately, been able to save the business in my constituency. The Government must get on with finding the solution to the problem. If they do not, many decent, law-abiding small businesses, which are often located in the poorer parts of our country, will be forced out of business by the indifference of the authorities to the actions of the big banks, meaning that the livelihoods and well-being of some of the world’s poorest people in developing countries will be placed in hazard.

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[Rushanara Ali]

There is no question but that mobile technology can help, and many have cited M-Pesa as a potential example. The reality is that such technology does not go far enough, however. Not everyone can afford a mobile phone. In countries where mobile phones are cheap and there are banking systems and proper infrastructure, it is much easier to create the possibility of mobile phone transfer, but Somalia is a long way from that and, in the short to medium term, such a solution would not be adequate. In the long term, it might be a complementary facility, and I know that the action group will want to look into that.

However, mobile transfer is no substitute, and anyone who thinks that it might be is, frankly, living on another planet. Somalia has no infrastructure, and it does not have the required banking system. There are major challenges to using mobile technology to get remittances into the country; if that were not true, we would not be having this debate.

[Kevin Brennan]

Further to that point, is my hon. Friend aware that the survey that made those claims about mobile technology was based on 1,000 people in Hargeisa? That is hardly representative of Somalia as a whole.

[Rushanara Ali]

My hon. Friend is right. The integrity of that survey has been questioned, particularly by the Somali community in Britain. The remitters felt that it did not address the seriousness of the issue and was a superficial exercise. Frankly, going only into Hargeisa is not good enough. The trusted networks that organisations such as Dahabshiil and other money transfer companies use to reach people in remote places are critical to support across the country. That is the major challenge that we must address.

Some in my constituency, and elsewhere, have pointed out that if they want to get remittance in without the proper facility, which has so far been provided by Barclays, they will have to do so via Kenya. Family members would have to leave and go to Kenya, or to Hargeisa. If they live at the other side of the country, they would have to travel many hundreds of miles to get there. It could cost hundreds of pounds to get somewhere to access the remittance.

Imagine doing such a thing even in our country, never mind in a country without roads, safety, electricity, air transport and the necessary support. Add in the cost and it makes it pointless to get the remittance that family members might be sending. Remittance amounts might be small, but they are significant in providing support. The cost of retrieving the money, however, is too high if there is no direct route via money transfer companies that can get to remote villages. If there is no proper facility, the cost of people travelling to the capital, or to another country, is too high. That is not a solution.

I know that my hon. Friend the Member for Cardiff South and Penarth (Stephen Doughty) wants to speak, so I will start to conclude. I also want to hear from the Minister, and would like him to have as much time as possible to highlight the work he is doing on the issue. I know that he is working with colleagues across Departments on a solution to the problem. I hope he will have some good news.

Where do we go from here? We need strong international leadership from the UK Government. We have done that historically, so there is no reason why our Chancellor and the Secretary of State for International Development cannot lead the way. I welcome the fact that the working group involves the World Bank. If it was not for the campaign, and the pressure from the community and Members from all parties, that might not have happened. I am grateful to the Minister for rising to the challenge and recognising the significance of the issue, as well as the potential benefit for the UK if we lead the way to a solution.

There are economic benefits for us. If we can build a remittance framework to support economic development in countries in Africa, we can do more trade with such places in future. We need to be ahead of the curve. Other countries, such as China or India, are represented in Africa, while our banks are pulling people out, including the diaspora communities with strong links that could do more for our trading relationships in Africa. Remittance is the first route in for our businesses. I have seen that in countries such as India, Pakistan, Bangladesh and many others. There are potentially huge economic benefits if we create the climate within which the diaspora and minority communities can remit, trade and pave the way for our companies to follow, as has been the case in other countries.

There are longer-term benefits for the Treasury, and not only in engaging with the issue directly, coming up with an international solution and paving the way for our international partners. There are also benefits because for any country coming out of conflict without a proper banking system, or with one that has been devastated by conflict, the risks of money laundering and the financing of terrorism will be reduced if the security dimension is addressed and there are proper facilities. That is why Governments must step up. Companies such as Barclays, HSBC and others have said that they will be fined. Companies will have their motives, reasons and deep concerns about being clobbered with a big fine by US regulators. I have sympathy for that, but at that point the Government and the international community must step in to deal with the market failure. That is where I believe that our Government can play a vital role.

I am grateful to the Minister and the Chancellor for letting me know, informally, that they have had discussions on the issue. I would like to see more formal discussions at the G20 and other international summits where the issues of financial exclusion and remittance can be raised. I know that that has been done informally, but what plans does the Minister have to raise such issues more formally in the relevant forthcoming summits? On the role of other agencies, will the Minister explain how his Department is working with the Financial Conduct Authority, banks and other relevant agencies to come up with a solution? What role could the publicly owned banks play? Could we work with them to come up with an interim solution, as well as a long-term one?

I hope that the Minister will answer the questions that have already been asked, but I would also be grateful if he set out his plans for an interim solution, as well as a long-term one, before October. The time line has been set: if a negative decision is reached in October— the deadline set by the courts for Dahabshiil, the biggest provider to Somalia and Somaliland in my constituency—the vital remittance lifeline for Somalia will be removed. That is dangerous. Will the Minister be able to press on with a solution before then? If there is no long-term solution in that time frame, there must be an interim solution so that, beyond October, where there is a time lag, Dahabshiil does not face closure once again. That would be devastating to Somalia and Somaliland.

I thank colleagues from across the House for their contributions. I also thank the Save Remittance Giving campaign, of which I am very proud to be the chair, and the more than 100,000 people who supported it. I know that they will continue to campaign and to keep pressure on the Government. I hope that they continue to do so and work with their MPs, whichever party they belong to, to come up with a solution that will protect such a vital lifeline to millions of people in developing countries, especially Somalia and Somaliland.

--- Later in debate ---

[Cathy Jamieson (Kilmarnock and Loudoun) (Lab/Co-op)]

We have had an interesting debate. I thank my hon. Friend the Member for Cardiff West (Kevin Brennan) for securing the debate. I thank all those who have participated, particularly my hon. Friend the Member for Bethnal Green and Bow (Rushanara Ali), who gave a comprehensive speech, and my hon. Friend the Member for Cardiff South and Penarth (Stephen Doughty).

I will be brief, because it is important that the Minister has the opportunity to outline fully the work that has been done since the previous debate, and I am sure my hon. Friends will want to intervene and ask him further questions. It is important to put on the record how much of an interest people have taken in this topic since the debate in July. Having read the transcripts of that debate and looked closely at the parliamentary questions and the responses since then, I suspect it is more with sorrow than with anger that people have called for this additional debate today, because, to be fair, there seemed to be a sense of hope after the previous debate that the Minister had taken on board the importance of the issue. During that debate he gave a personal account of how his own family had been affected and how he wanted to see progress made.

I am trying to be fair. All of us know that sometimes when things go into the machinery of Government, that machinery can grind somewhat more slowly than even Ministers would like. Hopefully, however, the continued voicing of concern even by the Prime Minister, the Secretary of State for International Development and so on, has shown the urgent need to tackle the problem, notwithstanding some of the other legal reasons for urgent action.

In his opening contribution, my hon. Friend the Member for Cardiff West outlined how important this issue is, not only for individuals and particular businesses but for the economy, both here and in Somalia and Somaliland. There is also the relationship between the moral issues and the economic issues, if you like: people are trying to provide assistance to individual families and to support businesses, and if that help is not provided there are dangers for the whole economy. We also heard some of the history, going back to the previous debate about the decision that Barclays took at that time and the pressure from campaigners to make Barclays change that decision.

There is an understanding on all sides that we want to do everything we can to ensure that when money is remitted or transferred it is done so legally and safely. I doubt that anyone in any part of the House does not want tough action to be taken on money laundering or any other illegality, or in situations where people are perhaps being unduly and inappropriately pressured over money. However, the point was well made in this debate, and indeed in the previous debate, that some of the smaller organisations and institutions that have been carrying out money transfers have not been found guilty of any misdemeanours or wrongdoing, unlike—as was fairly pointed out—some of our larger financial institutions, which have been involved in practices over the years that have now been brought into disrepute and, in some instances, resulted in serious fines. There are still serious questions to be asked about why there is a problem making progress on this issue. I would be interested to hear from the Minister what work has gone on in relation to the National Crime Agency and to ensure that those aspects are not inappropriately becoming barriers to progress.

I hope that the Minister can also answer the important questions put by my hon. Friends. Some months on from the original debate, during which the commitment was made to establish a working group to take work forward, I find it surprising that my hon. Friends still have to ask who is chairing that group. Has the group met? It has not met. There is now a date for a meeting, but when will it report? Will there be an interim report? What progress has been made? What discussions have taken place in an international context with, for example, the US Treasury and State Department? What discussions have taken place more widely? Are there more reports commissioned by the Government that have not been made public? What is the status of the promised discussions with the British Bankers Association? What can the Government say at this stage, notwithstanding the legal constraints on discussion of the particular issue with Barclays and the possibility of accounts being reopened?

I want the Minister to respond to those questions, although he already has a very long list of questions from my hon. Friends. One important question is about the role of the Financial Conduct Authority. Can he say a bit more about that role this morning?

Having given commitments in the previous debate, and because he obviously understands this subject from a personal perspective, I am sure that the Minister wants not only to listen today, so that he can give answers to the questions that have been put, but to ensure that a degree of urgency is injected into wherever it is in the system that the barriers to action are found. If that does not happen and if we do not have a system that is properly set up and regulated, the danger is that remittances will take place anyway, that the people involved will not be safe, and that there will be further problems down the line.

[Kevin Brennan]

My hon. Friend is talking about action by Government and Government agencies, and she mentioned the FCA. I understand from the UK Money Transmitters Association that the FCA has started contacting authorised payment institutions to confirm whether or not they have bank accounts that are suitable for safeguarding client funds, as required by the Payment Services Regulations 2009. So action is being taken, but it is action that will result in the closure of these businesses unless a solution is found.

[Cathy Jamieson]

Indeed, and I am grateful to both Oxfam, which has provided me with a briefing, and the UKMTA, which has also provided me with that information. Of course, one of the dangers is that when we begin to investigate these matters, people start to find that there are problems and rather than finding solutions to those problems, the response is, “Well, we will just make sure that it is closed down and doesn’t happen.”

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[Sajid Javid]

First, we believe that cash couriers, if structured properly, can play a sensible and legitimate role in expanding provision for MSBs. That can work if it is done in a certain way. The action group is working to produce more guidance on how we think that can work, with the aim of making the banks more comfortable. That is why it is important to discuss the matter around the table with regulators and NGOs, which are also part of the action group. That is important not just in the context of cash couriers, but more generally.

My understanding is that the terms of reference will be published, but I will look into that further and get back to the hon. Lady with a more specific answer. My only slight hesitation is that some aspects of the discussion will be confidential and sensitive, especially those relating to money laundering and the financing of terrorists. I hope that she understands that some information will not be put in the public domain because it would not be practical or sensible to do so. Although I am keen to ensure an ongoing flow of information from the action group so that our constituents may stay updated, I do not suggest that the action group will share all the information that is put before it, or all the work that is going on at a Government level.

[Kevin Brennan]

Although the Minister is not able to order anyone to do anything, I asked him whether he agreed that Barclays ought to consider reopening the bank accounts of businesses such as the one in my constituency that were closed following our debate in July 2013, so that while the court case is being considered, those businesses may get on with the business that they have carried out legally, lawfully and without problem for many years? It would be helpful if the Minister were able to say that he feels that Barclays ought at least to consider doing that, even though I completely accept that he is not in a position to order it to do so.

[Sajid Javid]

I thank the hon. Gentleman for reminding me of his question. I understand why he raises that matter, and there are two parts to my answer. First, there is a legal dispute, and I do not think it is sensible for any Minister to give an opinion on any matter that is before our courts, which would not be helpful to either party in the dispute. Secondly—this links to my earlier point—Barclays has to make its own decisions. Barclays is a commercial organisation. It has to assess the risks of doing business as well as, as the hon. Member for Bethnal Green and Bow pointed out, the potential impact of its commercial decisions on its own reputation. I will ensure that Barclays receives the report of our proceedings so that it may have an opportunity to reflect on the words of not just the hon. Gentleman, but all hon. Members who have participated in the debate.

[Sajid Javid]

First, we all share the sense of urgency on the time scales, which is apparent from all hon. Members who have spoken today and from the Prime Minister’s communication that the hon. Gentleman read out. Naturally, it is always helpful to set targets—I referred to the target that the Somali focus group pilot would be up and running within a year—but we also have to respect that there is no advantage in setting an artificial target and saying that something should be done in six months or a year. This complex issue requires a degree of international involvement and co-ordination, so the most important thing is to ensure that we do the work urgently, but in a way that brings a long-lasting solution. While I share his sense of urgency, I hope that he respects that answer.

In answer to the second question, we will share as much information as possible with all members of the public, although of course the matter is of particular interest to certain communities in the UK. I have had meetings, for example, with representatives of the Somali community, as have a number of officials in the Treasury, DFID, the FCO and other Departments, and we will continue to have those meetings and to share as much information as possible.

Broadly speaking, the weekly meetings involve officials from all Departments, but the hon. Gentleman’s question was more specifically about the level of those officials, and I will have to find that out because I am not sure whether it is always the same officials involved and always people at the same level. Clearly there will be some commonality when the meetings take place, but I can find out more detail and share it with him.

[Kevin Brennan]

I shall intervene to allow the Minister to receive his in-flight refuelling, because we would like to know what it says.

[Sajid Javid]

I have just had a moment of inspiration, so I can share with hon. Members that the weekly meetings are between the heads of the teams in each Department, which will hopefully reassure the hon. Member for Cardiff South and Penarth (Stephen Doughty).

I hope it is clear that the Government share the concern of all hon. Members who have spoken today, and I speak from my personal perspective of understanding the importance of the remittance sector, as well as in my role as Financial Secretary. We will stay on top of the issue, engage and share as much information as we can. I congratulate the hon. Member for Cardiff West on instigating the debate, which has been a welcome opportunity for us all to share more information.