Tessa Munt
Main Page: Tessa Munt (Liberal Democrat - Wells and Mendip Hills)Department Debates - View all Tessa Munt's debates with the Leader of the House
(11 years, 5 months ago)
Commons ChamberRead Full debate Read Hansard Text Read Debate Ministerial Extracts
Mr Speaker
I should, perhaps, mention to the House that, as the Leader of the House indicated earlier, I have myself received a gracious letter of apology from the Secretary of State for Defence, a copy of which I am content to place in the Library of the House.
Tessa Munt (Wells) (LD)
Will the Leader of the House raise with the Chancellor of the Exchequer the inequitable and unjust situation whereby a banker who wishes to sell a derivative or hedging product, such as interest rate swap agreements, has to be registered, authorised and regulated by the Financial Conduct Authority, but the directors of many thousands of small and medium-sized businesses, who are classified under the FCA’s test as sophisticated enough to take responsibility for signing such an agreement, are not registered, authorised and regulated by the FCA and therefore are ineligible for the FCA’s redress scheme?
Mr Speaker
This is a matter of notable interest and possibly no little complexity. It is not immediately obvious to me, which may be the result of my own stupidity, that it represents a business question, but the ingenuity of the Leader of the House is legendary and I shall leave it to his interpretation.