Financial Conduct Authority and Blackmore Bond plc

Nigel Evans Excerpts

Wednesday 30th June 2021 Commons Chamber

Motion made, and Question proposed, That this House do now adjourn.—(David Rutley.)

[Mr Deputy Speaker (Mr Nigel Evans)]

This is when the Dispatch Box on the Government side will be sanitised. I ask the Minister not to touch it until it has been sanitised.

--- Later in debate ---

[John Glen]

I thank my hon. Friend for his intervention. He speaks with some authority on these matters. There is a process that will continue, as he knows, through the scrutiny of that legislative vehicle. We do need to make sure that, overall, including through the Department for Digital, Culture, Media and Sport’s online advertising review, we come out at the right place in dealing with these significant challenges for consumers.

As well as introducing new legislation to protect savers, it is right that our regulator also closely examines its own operations, to ensure that it can protect consumers as effectively as possible. As a result, the Government welcome the FCA’s ongoing transformation programme, which is introducing reforms that will fundamentally change the way it works. The programme will help the regulator become more efficient and effective by, among other things, enhancing its use of technology in order to make interventions earlier, which clearly is desirable.

It is heartening to see that significant steps have already been taken. Those include important structural changes within the organisation, as well as the appointment of the FCA’s first chief data information and intelligence officer. I particularly welcome this focus on improving the FCA’s use of data and analytics, which will improve the efficiency and speed with which the regulator can act.

These are serious matters, and we have spoken about the number of our constituents who have been adversely affected. I regularly meet the FCA’s chief executive, Nikhil Rathi, to discuss the transformation programme and monitor progress. There can be no complacency. This is a complex area where financial services are evolving all the time, as are fraudulent activities. My hon. Friend the Member for Thirsk and Malton (Kevin Hollinrake) mentioned the innovation announced today by Google, which is a welcome step, but we will need to look at these matters and at the experience through different cases, such as the Blackmore Bond, in order to get this right.

I close by reiterating my deep sympathies to all those who have suffered as a result of the Blackmore scheme. As a Government, we recognise that financial services are constantly evolving and the regulatory system must, therefore, be ready to respond. As I have highlighted this evening, we are committed to a process of continuous improvement in all dimensions to ensure our regulations benefit both UK consumers and the wider economy.

[Mr Deputy Speaker (Mr Nigel Evans)]

The Speaker started the day with some wonderful warm words in tribute to Ian Davis on his retirement after long and dedicated service here in Parliament. On behalf of the Chairman of Ways and Means, the First Deputy Chairman and myself, I wish Ian well on his well-deserved retirement and thank him. Because of the skill he demonstrated on a daily basis in Parliament, he made the work we do from this Chair so much easier. We wish you well, Ian. Thank you for everything you have done.

Question put and agreed to.