My Work in Parliament - Pat McFadden Labour MP for Wolverhampton South East

Clause 1 - Compensation payments to customers of London Capital & Finance PLC

Compensation (London Capital & Finance plc and Fraud Compensation Fund) Bill

Pat McFadden made a speech in the House of Commons

We have just had a short debate on an amendment that was largely focused on clause 1. Before we finish the Commons stages, I want to put a few questions to the Minister, mainly relating to clause...

Clause 1 - Compensation payments to customers of London Capital & Finance PLC

Compensation (London Capital & Finance plc and Fraud Compensation Fund) Bill

Pat McFadden made a speech in the House of Commons

I am coming to the end of my remarks; I hope the hon. Gentleman does not mind. I leave the Minister with this: is it not better to try to stop people being ripped off in the first place, than to...

Clause 1 - Compensation payments to customers of London Capital & Finance PLC

Compensation (London Capital & Finance plc and Fraud Compensation Fund) Bill

Pat McFadden made a speech in the House of Commons

The hon. Gentleman makes a fair point. On how we can be sure that this will not happen again, and the transformation programme, it is to be expected that companies would go through such a...

Clause 1 - Compensation payments to customers of London Capital & Finance PLC

Compensation (London Capital & Finance plc and Fraud Compensation Fund) Bill

Pat McFadden made a speech in the House of Commons

The right hon. Member raises a very fair point. If we pluck a sum of money out of the air, it could be a lot of money to one person and perhaps less to somebody else, depending on their wealth....

Clause 1 - Compensation payments to customers of London Capital & Finance PLC

Compensation (London Capital & Finance plc and Fraud Compensation Fund) Bill

Pat McFadden made a speech in the House of Commons

The hon. Member raises a very fair point. It has already been referenced in the debate that this is not just about amounts, but about the timescale, and we all want the Government and whoever is...

Clause 1 - Compensation payments to customers of London Capital & Finance PLC

Compensation (London Capital & Finance plc and Fraud Compensation Fund) Bill

Pat McFadden made a speech in the House of Commons

I want to use the opportunity provided by the amendment to raise a few points, particularly about clause 1, and to put them to the Minister. I thank Dame Elizabeth Gloster and both the Treasury...

Levelling-up Agenda

Westminster Hall debates

Thank you for your chairmanship today, Mr Robertson. I thank my hon. Friend the Member for Barnsley Central (Dan Jarvis) for tabling this debate. As he said, he comes to this issue not just from...

Afghanistan

Commons debates

Our troops did a great job at Kabul airport, but the events of recent weeks have exposed the limitations of our ability to act outwith the umbrella of the United States, even if we wanted to...

Afghanistan

Commons debates

The actions of our armed forces, those of the United States and other allies, and the Afghan forces themselves have made a big difference to the lives of people in Afghanistan over the past 20...

Covid-19: Household Debt - [Mr Peter Bone in the Chair]

Westminster Hall debates

Thank you for your chairmanship, Mr Bone. I begin by paying tribute to my hon. Friend the Member for Makerfield (Yvonne Fovargue) and the hon. Member for Blackpool North and Cleveleys (Paul...

Financial Services Sector

Pat McFadden made a speech in the House of Commons

Financial services were not even part of the Brexit agreement that the Government negotiated, because they never made them a priority. Equivalence arrangements are nowhere in sight, £1...

Clause 1 - Compensation payments to customers of London Capital & Finance plc

Compensation (London Capital & Finance plc and Fraud Compensation Fund) Bill

Pat McFadden made a speech in a committee scrutinising a proposed law

It is really just a question. The Committee has received a number of representations from LCF investors about this 80% level. What is the Minister’s response to those representations? If...

Clause 1 - Compensation payments to customers of London Capital & Finance plc

Compensation (London Capital & Finance plc and Fraud Compensation Fund) Bill

Pat McFadden made a speech in a committee scrutinising a proposed law

I beg to ask leave to withdraw the amendment.

Clause 1 - Compensation payments to customers of London Capital & Finance plc

Compensation (London Capital & Finance plc and Fraud Compensation Fund) Bill

Pat McFadden made a speech in a committee scrutinising a proposed law

My hon. Friend makes a very strong point. The question of the perimeter is inescapable. One of Dame Elizabeth’s recommendations is that the Government consider the FCA’s remit, and...

Clause 1 - Compensation payments to customers of London Capital & Finance plc

Compensation (London Capital & Finance plc and Fraud Compensation Fund) Bill

Pat McFadden made a speech in a committee scrutinising a proposed law

I beg to move amendment 2, in clause 1, page 1, line 15, at end insert— “(3A) Within six months of this Act receiving Royal Assent, the Secretary of...

Clause 1 - Compensation payments to customers of London Capital & Finance plc

Compensation (London Capital & Finance plc and Fraud Compensation Fund) Bill

Pat McFadden made a speech in a committee scrutinising a proposed law

We are trying to put ourselves into discussions that we have not been party to so, to some extent, I am speculating on the way that the Government have built their argument. I have made the point...

Clause 1 - Compensation payments to customers of London Capital & Finance plc

Compensation (London Capital & Finance plc and Fraud Compensation Fund) Bill

Pat McFadden made a speech in a committee scrutinising a proposed law

I am grateful for the Minister’s response. I am not entirely convinced about the relationship between on-lending and the decision to compensate. I am sure that the Minister is correct in...

Clause 1 - Compensation payments to customers of London Capital & Finance plc

Compensation (London Capital & Finance plc and Fraud Compensation Fund) Bill

Pat McFadden made a speech in a committee scrutinising a proposed law

I want to ask the Minister about the point he made about on-lending. What is the relationship between on-lending and the degree of regulatory failure? He is probably right that this was the only...

Clause 1 - Compensation payments to customers of London Capital & Finance plc

Compensation (London Capital & Finance plc and Fraud Compensation Fund) Bill

Pat McFadden made a speech in a committee scrutinising a proposed law

My hon. Friend raises a very important point. There are many reasons why clarity about the limitations of Government responsibility and taxpayer responsibility, to put it another way, would be...

Clause 1 - Compensation payments to customers of London Capital & Finance plc

Compensation (London Capital & Finance plc and Fraud Compensation Fund) Bill

Pat McFadden made a speech in a committee scrutinising a proposed law

I am grateful to the Minister. I am just going through this series of things to try to clarify exactly what might place the taxpayer on the hook. Does it require the kind of report carried out by...