Gavin Newlands
Main Page: Gavin Newlands (Scottish National Party - Paisley and Renfrewshire North)Department Debates - View all Gavin Newlands's debates with the Leader of the House
(5 years, 1 month ago)
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Andrea Leadsom
The hon. Gentleman will be aware that we have some very serious statutory instruments to consider next week, which is why I have put them on the Order Paper. It is Work and Pensions questions on Monday 18 March, and I suggest he raises his specific concerns then.
Gavin Newlands (Paisley and Renfrewshire North) (SNP)
My constituent invested her £60,000 life savings in London Capital & Finance and had put £20,000 in a similar company called Blackmoor, which markets individual savings accounts with 7% interest, using a third party that took 25% commission, but the small print said they were not ISAs but investment bonds. LCF went into administration earlier this year after the Financial Conduct Authority ordered the sale of the bonds to stop, but investors’ money was lent to people with a connection to LCF, including its founder. Can we have a debate on this scandalous and fraudulent issue?
Andrea Leadsom
I had heard of this appalling collapse, and the hon. Gentleman is right to raise it. There will be people who have really suffered financially as a result of this. I suggest that he seeks an Adjournment debate so he can raise it directly with Ministers.