Lord McFall of Alcluith
Main Page: Lord McFall of Alcluith (Lord Speaker - Life peer)Department Debates - View all Lord McFall of Alcluith's debates with the Cabinet Office
(9 years ago)
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Lord Bridges of Headley
I entirely agree with the noble Lord. The new system will be robust and proportionate.
Lord McFall of Alcluith (Lab)
The £2 billion deal on behalf of Qatari clients saw Barclays deliberately breach its own rules on money laundering and financial terrorism, bringing the total fines that it has paid from 2010 to £500 million. The FCA judgment was very clear: it was done to generate revenue and new business. The FSA has neither named people nor taken action against them. Given that the Parliamentary Commission on Banking Standards, comprising individuals from this House and the House of Commons, said in its primary recommendation that individual executives have to be personally accountable, when will the Government implement this sensible recommendation from an all-party committee?