Business of the House

Nick Smith Excerpts

Thursday 20th April 2023 Commons Chamber

[Penny Mordaunt]

I was waiting for a question of this flavour, and it is no surprise from where it came. It affords me the opportunity to say that I am very grateful that this nation has a monarchy. We benefit hugely from it. Even in the times of tremendous turmoil that we saw last year, it provided stability and a constant Polaris to see this nation through some very difficult times. I urge the hon. Gentleman to go to read the tributes that were paid to Her late Majesty Queen Elizabeth II. I think her son will be a similarly great monarch, and that is something to celebrate.

[Nick Smith (Blaenau Gwent) (Lab)]

The Financial Services and Markets Bill is setting new parameters for the Financial Conduct Authority, but we are waiting for its Report stage in the other place. When steelworkers were duped by financial sharks, the FCA was far too slow to act. I understand that the FCA is also now renewing the rules on its consumer duties, which is welcome. However, after years of campaigning it is clear that we need proper oversight of the FCA. So, for clarity, may we have a statement on how Parliament will gain better scrutiny of our financial regulator and its duty to protect consumers across our country?

[Penny Mordaunt]

I thank the hon. Gentleman for raising this issue. I know that many Members of this House will have campaigned on behalf of businesses that have endured all kinds of malpractice, by banks and by all sorts of other organisations, including the issue that he raises. The Under-Secretary of State for Business and Trade, my hon. Friend the Member for Thirsk and Malton (Kevin Hollinrake), did a huge amount of work on this when he chaired the all-party parliamentary group and takes this matter incredibly seriously. I shall make sure that the relevant Minister has heard what the hon. Gentleman has said today and gets in touch with his office.