Money Transfer Accounts and Remittance Sector Debate
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Jim Shannon
Main Page: Jim Shannon (Democratic Unionist Party - Strangford)Department Debates - View all Jim Shannon's debates with the HM Treasury
Money Transfer Accounts and Remittance Sector
Jim Shannon Excerpts(10 years, 3 months ago)
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Cathy Jamieson
Indeed, and I am grateful to both Oxfam, which has provided me with a briefing, and the UKMTA, which has also provided me with that information. Of course, one of the dangers is that when we begin to investigate these matters, people start to find that there are problems and rather than finding solutions to those problems, the response is, “Well, we will just make sure that it is closed down and doesn’t happen.”
Jim Shannon (Strangford) (DUP)
I apologise for not being here earlier in the debate; I wished to be here, but I had other commitments. The hon. Lady has outlined her concerns, which this House shares, about the £15 billion of remittances that happen each year. Does she agree that it is not only a matter of making the right, legitimate channels available for these transactions to take place but one of restoring confidence in the system? If there is no confidence in the system, people will feel vulnerable, whatever transactions take place.
Cathy Jamieson
The hon. Gentleman makes a valuable point. At a point in time where even some of the larger financial institutions have seen confidence erode, it is of course important that people can have confidence in the system, every step of the way, and that that confidence is rebuilt.
I would like the Minister to answer the questions that have been put to him, particularly the very pertinent questions about what specific action has been taken since July. Also, will he now give a commitment that he will personally press for and oversee some of the work, and drive it forward across the different Departments, to ensure that there is no more dragging of heels or things getting lost between the different parts of Government, simply because of the Departments’ inertia? I am sure that he will want to take the opportunity to respond to those points.