Gas Market Fraud

Bob Stewart Excerpts

Tuesday 13th November 2012 Commons Chamber

[Mr Davey]

I am grateful to the hon. Lady for her question. She will know that consumer credit markets are regulated. I know she has been campaigning for a particular type of regulation and a particular type of credit, but it would be a caricature to say that consumer credit markets are not regulated at all. These markets are also regulated, and this Government have strengthened that regulation.

[Bob Stewart (Beckenham) (Con)]

Will my right hon. Friend ensure that, if gas market fraud has occurred, the investigation identifies exactly who gave the order and who gave the instruction, because that person, in whatever company, is the person most guilty—and they most of all should have the book thrown at them?

[Mr Davey]

I share my hon. Friend’s sentiments, but I stress that it is up to the independent regulators to investigate in the way that the law prescribes. I do not think my hon. Friend would expect me to do the investigations myself. We create the legal framework, and it is under that framework that Ofgem, the FSA and, if necessary, the OFT conduct their work.