Mentions:
1: Peter Grant (SNP - Glenrothes) For example, if the whole Blackmore Bond group had had to be audited to professional standards, the problems - Speech Link
2: Kevin Hollinrake (Con - Thirsk and Malton) We think that provides Companies House and the Insolvency Service, which is the enforcement body for - Speech Link
3: Kevin Hollinrake (Con - Thirsk and Malton) conduct or offences are sufficiently serious, they can pass that on to the relevant prosecution body —the Insolvency - Speech Link
Oral Evidence Dec. 12 2023
Inquiry: Work of the Financial Conduct AuthorityFound: Q660 Siobhain McDonagh: I would like to talk about some issues about Blackmore Bond.
Correspondence Dec. 06 2023
Committee: Treasury Committee (Department: HM Treasury)Found: Letter from the FCA regarding the results of its investigations into the financial promotions related to Blackmore
May. 05 2023
Source Page: Letter dated 19/04/2023 from Baroness Penn to Baroness Kramer regarding questions raised during the Committee Stage (second and fourth days) of the Financial Services and Markets Bill: the Blackmore Bond case, resourcing for anti-fraud work and enforcement in the Financial Conduct Authority (FCA) and the National Crime Agency (NCA). 4p.Found: during the Committee Stage (second and fourth days) of the Financial Services and Markets Bill: the Blackmore
Asked by: Feryal Clark (Labour - Enfield North)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what steps (a) his Department and (b) the Financial Conduct Authority are taking to (i) investigate the collapse of Blackmore Bond plc and (ii) ensure consumer protections on related matters.
Answered by Andrew Griffith - Minister of State (Department for Science, Innovation and Technology)
The Financial Conduct Authority (FCA) is responsible for ensuring consumer protection for a broad range of financial services products and HM Treasury works closely with the FCA to maintain a strong and safe financial system.
The FCA does not have power to investigate a firm that is unauthorised and not carrying out any regulated activities. Blackmore Bond Plc was not authorised by the FCA and the sale of the ‘mini-bond’ product it offered was not an activity regulated by the FCA. Where problems fall outside the FCA’s statutory remit, they assist other agencies and regulators wherever they can. In the case of Blackmore Bond, the FCA passed relevant information to the City of London Police.
Found: Kramer regarding questions raised during the Committee Stage (second and fourth days) of the Bill: the Blackmore
Oral Evidence Mar. 08 2023
Committee: Treasury Committee (Department: HM Treasury)Found: Bond and we have asked a number of questions in the Committee about it.
Asked by: Drew Hendry (Scottish National Party - Inverness, Nairn, Badenoch and Strathspey)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what assessment he has made of the potential merits of establishing a judge-led inquiry on the Financial Conduct Authority's handling of Blackmore Bonds plc.
Answered by Andrew Griffith - Minister of State (Department for Science, Innovation and Technology)
The Government considers it is important that there are appropriate mechanisms in place to ensure the financial services regulators are accountable for all aspects of their performance.
The Financial Conduct Authority (FCA) is responsible for ensuring consumer protection for a broad range of financial services products and HM Treasury works closely with the FCA to maintain a strong and safe financial system. However, the FCA does not have power to investigate a firm that is unauthorised and not carrying out any regulated activities.
Blackmore Bond Plc was not authorised by the FCA and the sale of the ‘mini-bond’ product it offered was not an activity regulated by the FCA. The Government therefore has no plans to establish a judge-led inquiry into the FCA’s handling of the collapse of Blackmore Bond plc.
Asked by: Drew Hendry (Scottish National Party - Inverness, Nairn, Badenoch and Strathspey)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what assessment his Department has made of the potential merits of extending access to the Financial Services Compensation Scheme to all those affected by the collapse of the Blackmore Bond plc.
Answered by Andrew Griffith - Minister of State (Department for Science, Innovation and Technology)
The Government considers it is important that there are appropriate mechanisms in place to ensure the financial services regulators are accountable for all aspects of their performance.
The Financial Conduct Authority (FCA) is responsible for ensuring consumer protection for a broad range of financial services products and HM Treasury works closely with the FCA to maintain a strong and safe financial system. However, the FCA does not have power to investigate a firm that is unauthorised and not carrying out any regulated activities.
Blackmore Bond Plc was not authorised by the FCA and the sale of the ‘mini-bond’ product it offered was not an activity regulated by the FCA. The Government therefore has no plans to establish a judge-led inquiry into the FCA’s handling of the collapse of Blackmore Bond plc.
Asked by: Patricia Gibson (Scottish National Party - North Ayrshire and Arran)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what discussions he has had with Cabinet colleagues on addressing the accountability of financial regulators after the collapse of Blackmore Bond plc.
Answered by Andrew Griffith - Minister of State (Department for Science, Innovation and Technology)
The Government considers it is vitally important that there are appropriate mechanisms in place to ensure the financial services regulators are accountable for all aspects of their performance.
The FCA is responsible for ensuring consumer protection for a broad range of financial services products. However, it does not regulate all financial services firms and products. Blackmore Bond Plc was not authorised by the FCA and the sale of the ‘mini-bond’ product it offered was not an activity regulated by the FCA.