Draft Bank of England and Financial Services (Conseqential Amendments) Regulations 2017

Roger Mullin Excerpts

Wednesday 18th January 2017 General Committees

[Roger Mullin (Kirkcaldy and Cowdenbeath) (SNP)]

It is a pleasure to serve under your chairmanship, Mr Flello. There is one area to which I want to draw the Minister’s attention, to express why we have grave concerns about the regulations. It is that of limited liability partnerships. As he will be aware, the Government launched a review on Monday because of the extent of international criminality that has been able to take place under the previously existing regulatory system.

Nothing in the proposed changes will strengthen the capacity to protect against the kind of abuse that has taken place through not just Scottish limited partnerships, which have received a lot of publicity in the past year or so, but other limited liability partnerships. I can see nothing at all in the regulations that will allow for the proper regulation of an area that the Government have admitted is of major concern.