Crown Currency Exchange

Debate between Tessa Munt and Dan Byles

Tuesday 7th December 2010 Commons Chamber

[Tessa Munt]

I am an optimist, so I hope that we might be able to do something, but it would appear that the directors of the company have operated through a loophole in the scheme. I suspect that they were very savvy and knew exactly what they were doing. They have registered rather than being regulated or authorised. Some 13,000 people have lost £20 million and there is enormous distress and dismay about what has happened.

[Dan Byles (North Warwickshire) (Con)]

I am grateful to my hon. Friend for giving way, as I am conscious that time is pressing. I join colleagues in congratulating her on securing this debate. Does she have any idea about how many other companies are registered but not regulated by the FSA?

[Tessa Munt]

I am not aware of the numbers; I am aware only that there is a peculiarity relating to 547 small payments institutions that do not seem to be regulated as other companies are. I hope that the Minister will give some response to the questions that have been raised.