Alternative Investment Fund Managers Regulations 2013 Debate
Full Debate: Read Full DebateLord Hannan of Kingsclere
Main Page: Lord Hannan of Kingsclere (Conservative - Life peer)Department Debates - View all Lord Hannan of Kingsclere's debates with the HM Treasury
(9 months, 2 weeks ago)
Lords ChamberMy noble friend is absolutely right about ensuring that pension funds are invested in the future of British industry. In fact, this was the theme of my right honourable friend the Chancellor’s Mansion House speech this year. He set out a number of reforms that the Government are taking forward to support this. There was rapid consultation on a number of those areas, and we expect further updates at the Autumn Statement.
My Lords, repeal of the AIFMD should have been straightforward. When it was brought in some 16 years ago, it was opposed by every party. It was opposed by Labour and the Conservatives, the industry and financial services more widely. What we are seeing here is the way in which, once a sector absorbs the administrative costs of doing something, however much it opposed it coming in, it then becomes an opponent of repeal. Is it not the role of Ministers to look beyond producer capture and look at the interests of the companies that do not yet exist and, above all, at the interests of consumers?
My noble friend is absolutely right. The Government consulted extensively when the Alternative Investment Fund Managers Regulations were introduced. That was some time ago but, as part of the smarter regulatory framework, we are working closely with the FCA to explore what changes can be made to AIFMD to make it more streamlined and tailored to UK markets. I assure all noble Lords that that work is being taken forward with urgency.