Money Laundering: British Banks

Debate between Simon Kirby and David Nuttall

Tuesday 21st March 2017 Commons Chamber

[Mr David Nuttall (Bury North) (Con)]

Having witnessed at first hand the anti-money laundering procedures of UK banks, when I tried to keep open an existing bank account, I wonder how any organisation has managed to launder ill-gotten gains through our banks, and I can only conclude that it is because complying with the regulations is seen as no more than a tick-box exercise. Does my hon. Friend agree that banks should adopt a more proportionate and common-sense approach when dealing with members of the public?

[Simon Kirby]

My hon. Friend will be pleased that the fourth money laundering directive, which the Government are consulting on as we speak, includes provision for a more proportionate approach to that very issue, and I hope he takes part in the consultation. I also hope that the banks, with FCA guidance and a Government steer, will have to take a proportionate approach in the very near future.

Oral Answers to Questions

Debate between Simon Kirby and David Nuttall

Tuesday 29th November 2016 Commons Chamber

[Simon Kirby]

We do, and it is interesting to note that the Federation of Small Businesses, for example, welcomed the doubling of export finance because it felt that it would help small and medium-sized enterprises reach new markets. It is also interesting to note that the Scotch Whisky Association highlights the importance of exports, and it has seen an increase of 3.1%, to 531 million bottles. Perhaps the hon. Lady might remove uncertainty in Scotland by stopping banging on about a second referendum.

[Mr David Nuttall (Bury North) (Con)]

Does my hon. Friend agree that the best thing the Treasury can do to help British business export is to allow it to keep more of the profits it earns by continuing to cut corporation tax?

[Simon Kirby]

We have legislated for corporation tax to be reduced to 17% by the end of this Parliament—one of the lowest rates in the G7—and we will do all we can to help businesses grow and thrive in this country.

Outsourcing and Tax Credits

Debate between Simon Kirby and David Nuttall

Friday 4th November 2016 Commons Chamber

[Simon Kirby]

The hon. Lady will be pleased to know that HMRC does run a compensation scheme. If her constituents—or her as their MP—would like to write, I am sure they will have some success.

[Mr David Nuttall (Bury North) (Con)]

Does my hon. Friend agree that the key objectives must be that the rules laid down by this House for the payment of tax credits or welfare benefits are followed accurately, and that fraudulent claims are identified and stopped? Does he further agree that these two key objectives are equally applicable whether the delivery is by the public sector or the private sector?

[Simon Kirby]

My hon. Friend is absolutely right. Those are two key objectives and it is important to get the balance right between them. Whoever delivers—whether it be the private sector or the public sector—must deliver what is most appropriate. We have been clear that in the case of Concentrix, it was not the most appropriate way to proceed. We must ensure that what is done is fair, reasonable and represents value for money.

Sale of Annuities

Debate between Simon Kirby and David Nuttall

Wednesday 19th October 2016 Commons Chamber

[Simon Kirby]

Obviously, Mr Anderson is as important as all the other people who, no doubt, will be very interested in this announcement. It transpired through consultation that a very small percentage of people would be better off. We were looking at legislation that would oblige the Government to provide guidance and advice; in the vast—very vast—majority of cases, that advice would be that it would not be appropriate and in the consumer’s best interests to proceed. There is no easy answer, but at the end of the day, I am not going to allow vulnerable older people to take advantage of what may, superficially, seem a good deal, but what, in the long term, is a poor one.

[Mr David Nuttall (Bury North) (Con)]

John Lawson, the head of retirement policy at Aviva, has said that one of the obstacles in the way of the secondary annuities market is the existence of statutory override clauses in annuity contracts. Has that played any part in the Government’s decision, and do they have any plans to at least look at passing legislation to deal with that?

[Simon Kirby]

That is certainly something we will be looking at. At the end of the day, many people got a poor deal on the way in; the last thing I want to do is to give them a doubly poor deal on the way out because the market is not big enough to provide value for money. If that means the option of reducing regulation, I am not a fan of that; regulation exists to support people and to help them make the right decisions.