Oral Answers to Questions

Debate between Rosie Cooper and John Glen

Tuesday 22nd June 2021 Commons Chamber

[Rosie Cooper (West Lancashire) (Lab) [V]]

Does the Chancellor have confidence in the Financial Conduct Authority’s ability to appropriately regulate and sanction companies that defraud their investors? Furthermore, does he believe that if it is found that the regulator has failed to prevent this fraudulent activity, the Government have a duty to compensate?

[The Economic Secretary to the Treasury (John Glen)]

It is absolutely clear that there are significant lessons for the FCA to learn from the Gloster review, and I have regular conversations, including just last week, with the new chief executive on the transformation programme. He has employed five new senior executives to drive that programme forward urgently, and I look forward to seeing the results of that intervention.