Gas Market Fraud

Andrew Selous Excerpts

Tuesday 13th November 2012 Commons Chamber

[Mr Davey]

Again, we should not speculate. We do not know whether an offence has been committed, and we do not know what the implications of any such offence might be for individual consumers, for companies or for markets. We must not jump to conclusions but, as I said to my hon. Friend the Member for St Albans (Mrs Main), if it turns out that there has been detriment to consumers, there are powers to give them redress under existing law.

[Andrew Selous (South West Bedfordshire) (Con)]

LIBOR, oil markets and now gas: it is a depressing litany. Does the Secretary of State agree that we are a Government who believe in social responsibility and that, if market manipulation is proven, ignorance will be no excuse and that senior management—not just traders—should be held to account?

[Mr Davey]

That will depend on what the investigations find out. There are powers to take on individuals and companies that have committed wrong-doing. Depending on what the offence is shown to be—if an offence is indeed uncovered—there are civil and criminal penalties.