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General Committees
Draft Economic Crime and Corporate Transparency Act 2023 (Consequential, Supplementary and Incidental Provisions) Regulations 2024 Draft Economic Crime and Corporate Transparency Act 2023 (Financial Penalty) Regulations 2024 - Thu 14 Mar 2024
Department for Business and Trade

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


Select Committee
Financial Conduct Authority, and Financial Conduct Authority

Oral Evidence Dec. 12 2023

Inquiry: Work of the Financial Conduct Authority
Inquiry Status: Open
Committee: Treasury Committee (Department: HM Treasury)

Found: Q660 Siobhain McDonagh: I would like to talk about some issues about Blackmore Bond.


Select Committee
Letter from the FCA regarding the results of its investigations into the financial promotions related to Blackmore Bonds, dated 5 December

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


Deposited Papers

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.
Document: Baroness_Penn_to_Baroness_Kramer-FSM_Bill_Committee.pdf (PDF)

Found: during the Committee Stage (second and fourth days) of the Financial Services and Markets Bill: the Blackmore


Written Question
Blackmore Bond: Insolvency
Thursday 20th April 2023

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.


Bill Documents
19 Apr 2023 - Will write letters
Letter from Baroness Penn to Baroness Kramer regarding questions raised during the Committee Stage (second and fourth days) of the Bill: the Blackmore Bond case, resourcing for anti-fraud work and enforcement in the Financial Conduct Authority (FCA) and the National Crime Agency (NCA).
Financial Services and Markets Act 2023

Found: Kramer regarding questions raised during the Committee Stage (second and fourth days) of the Bill: the Blackmore


Select Committee
Financial Conduct Authority, and Financial Conduct Authority

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.


Written Question
Blackmore Bond: Insolvency
Monday 27th February 2023

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.


Written Question
Blackmore Bond: Insolvency
Monday 27th February 2023

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.


Written Question
Blackmore Bond: Insolvency
Friday 3rd February 2023

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.