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

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...

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 is right; the lacuna referred to in the report relates particularly to the allocation of ISA status. We asked Dame Elizabeth about that during the oral evidence session this...

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

Thank you for your guidance, Ms Ghani. Later, I will move amendment 2 and, with your help, my hon. Friend the Member for Reading East will move amendments 3, 5 and 6, which stand in the...

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 1, in clause 1, page 1, line 5, at end insert— “(1A) Within six months of this Act receiving Royal Assent, the Secretary of State...

Examination of Witnesses

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

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

Q Thank you. That is a very important finding. I have one further question to the Transparency Task Force about the uniqueness, or otherwise, of the LCF case. The Government’s case is that...

Examination of Witnesses

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

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

Q Thank you. This is my final question to you, Dame Elizabeth. You made a recommendation about dealing with the lacuna in how ISA status were dealt with between the FCA and HMRC. Could you tell...

Examination of Witnesses

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

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

Q You were, of course, asked to look into the collapse of one particular firm. At the heart of quite a lot of your findings is the tension of a regulated firm selling unregulated products....

Examination of Witnesses

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

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

Q Thank you, Ms Ghani, and I thank all the witnesses for giving us their time. Dame Elizabeth, I would like to begin with you. You produced a hefty, detailed report of hundreds of pages with a...

Examination of Witness

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

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

Q My final question is about information to consumers. We have the Pension Protection Fund, we have the financial services compensation scheme, and now we have the Fraud Compensation Fund as...

Examination of Witness

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

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

Q The reason for that is the growth of pension fraud and mis-selling. Obviously, you are the ultimate backstop at the Pension Protection Fund. What is your view of the trajectory of pension...