Oral Answers to Questions

Kevin Hollinrake Excerpts

Wednesday 10th October 2018 Commons Chamber

[The Prime Minister]

First, the assessments were introduced by a previous Government. It is important that we get the assessments right. It is right that we are encouraging people into the workplace and wanting to ensure that people who are able to be in the workplace are given the support that enables them to do that. That is what we want to do. It is right that we maintain assessments. Of course we look at the impact and quality of those assessments. That is work the Department for Work and Pensions does on a regular basis. It is important that we are undertaking those assessments.

[Kevin Hollinrake (Thirsk and Malton) (Con)]

Q10. Former Prime Minister Gordon Brown and head of the Financial Conduct Authority Andrew Bailey have joined the call by the all-party group on fair business banking for action against the bankers who cost the UK taxpayers trillions of pounds throughout the financial crisis, none of whom have been fined, banned or prosecuted, despite clear evidence of guilt of fraud and malpractice. Will my right hon. Friend do all she can to urge and enable regulators and crime agencies to hold those responsible to account?

[The Prime Minister]

I can give my hon. Friend the assurance that, since the financial crisis, we have been looking at the design of the regulatory system to ensure that we have built one of the most robust regulatory systems in the world. It is designed specifically to ensure financial stability and protect taxpayers.

We have introduced a number of measures relating to the responsibility of those at the top of organisations. In 2016, we brought into force the senior managers and certification regime to hold those the top personally responsible for wrongdoing. Legislation was introduced alongside that regime that ensures that bosses whose reckless misconduct causes their institution to fail face up to seven years in prison. Although these reforms are of course very recent and it will take further time before we see the full impact of them, the FCA issued total fines of £229 million last year against individuals and firms who have broken the FCA’s rules. I can reassure my hon. Friend that we will remain focused on ensuring that we build a fairer and more balanced banking system and, if there is more that needs to be done, on looking at what we should be doing.