Banks: Forged Customer Signatures

Lord Howell of Guildford Excerpts

Monday 16th January 2023 Lords Chamber

[Lord Sharpe of Epsom (Con)]

My Lords, it is not the banks which need to get a move on. As I said earlier, the decision has been communicated to some of the complainants, but the Treasury Select Committee, certain remaining complainants and other relevant parties are not yet aware of the outcome. We should expect all necessary persons to be notified in the appropriate manner; beyond that, it would be unwise of me to comment on operational matters.

[Lord Howell of Guildford (Con)]

My Lords, stronger regulation means taking stronger powers to the Executive, which means a stronger and bigger stream of statutory instruments and secondary legislation coming through this House. Will my noble friend encourage his colleagues in the Government to support moves by Parliament to get stronger resources and have the capacity to scrutinise and control this stream of legislation?

[Lord Sharpe of Epsom (Con)]

My Lords, my noble friend makes a very sensible point. However, fraud falls within the Financial Conduct Authority’s objective of reducing the risk of financial crime, which impacts its consumer protection objectives. Obviously, the FCA will not hesitate to take the appropriate action against firms which do not meet its standards.