Gas Market Fraud

Mark Lazarowicz Excerpts

Tuesday 13th November 2012 Commons Chamber

[Mr Davey]

My hon. Friend asks a pertinent question. It goes back to the question asked by the right hon. Member for Wolverhampton South East (Mr McFadden). The Wheatley review suggested that we had more work to do in this area—a view that is, I think, held around the world. As I said to the right hon. Gentleman, the International Organisation of Securities Commissions has a broad level taskforce looking at this issue, seeing whether we need to do more on the different indices, benchmarks and price reporting agencies. The EU also has a consultation out at the moment. My hon. Friend is right that we need to look at this in the round, learn the lessons of LIBOR and other indices that might have been manipulated and ensure that we apply those lessons to other markets, too.

[Mark Lazarowicz (Edinburgh North and Leith) (Lab/Co-op)]

The Secretary of State is absolutely right to say that lessons should be applied to other markets, but can we not have more urgency in the investigation? We do not want a long-running international investigation; we want to see action taken now, and in other markets as well, to ensure that the consumer is not being ripped off as they apparently have been in this area and in the financial services sector, too.

[Mr Davey]

Action is being taken. I refer the hon. Gentleman to the consultation put out by the European Commission. It has also been suggested that ESMA—the European Securities and Markets Authority—should take interim measures. I have to tell him that not just domestic regulators but international regulators are taking a broader look, which is the correct thing to do.