Future of Financial Services

Chris Bryant Excerpts

Monday 9th November 2020 Commons Chamber

[Rishi Sunak]

My hon. Friend is absolutely right. As we seek to drive our economic recovery from coronavirus, financial services can play a key part in that. Critical in ensuring that is making sure we remain an open and, as he said, dynamic place that adapts to what is changing, and that is indeed what all our measures today will ensure happens.

[Chris Bryant (Rhondda) (Lab)]

The great success of the financial services industry in this country sometimes means that it is also vulnerable to threats from other people around the world who want to launder money through the British system. It is good that we now have a beneficial ownership register, but the threshold for that is 25%, which is quite high—higher than some other countries. Lots of companies are granted exemptions by Government Ministers from having to show their real beneficial ownership, and Companies House has next to no resources with which to investigate whether what it is being told by individual companies is actually true. Is it now time for us to launch a further effort to tackle money laundering? Would it be good if the Government were able to say, as soon as possible, that the overseas territories, which are part of this country’s financial services institutions, were also making their beneficial ownership registers publicly available?

[Rishi Sunak]

The hon. Gentleman is right that this important issue deserves our focus, and I am pleased that in its independent review the year before last, the Financial Action Task Force judged the UK to be one of the best regimes in the world for tackling money laundering. The hon. Gentleman will know that there is an outstanding consultation on a review of the Companies House regime, and I look forward to hearing his thoughts on what we should do to take that forward.