Nick Smith
Main Page: Nick Smith (Labour - Blaenau Gwent and Rhymney)Department Debates - View all Nick Smith's debates with the Home Office
(5 years, 5 months ago)
Commons ChamberRead Full debate Read Hansard Text Read Debate Ministerial Extracts
Mr Wallace
Absolutely. Building “failure to prevent” offences such as bribery and tax evasion into statute makes a real difference. It is important for us to give our law enforcement agencies powers to deal with, for instance, corporations that engage in conspiracies, because in the past that has been very hard to prove.
Nick Smith (Blaenau Gwent) (Lab)
Poor pension transfer advice can amount to fraud, but in my experience local police officers often refer such cases to the Financial Conduct Authority, which often focuses on administrative penalties rather than criminal prosecutions. Will the Minister agree to meet me, and to review economic crimes against pensioners, so that justice can be done?
Mr Wallace
The hon. Gentleman is absolutely right. While large sectors are regulated under the FCA, we have seen fraudsters exploiting marketing as a guise to escape that regulation. When we identify them, there are criminal investigations, but I should be delighted to meet the hon. Gentleman and hear more about his views.