"My Lords, the Government are committed to promoting the culture of retail investment. We are concerned by reports of shareholders being targeted by unsolicited offers to sell their shares below market value. Share- holders should exercise caution and carefully consider any such offer. The law is also clear: communications relating …..." Lord Stockwood - View Speech
"The noble Baroness is correct, of course. Mini-tenders are not a distinct regulatory category. However, we believe that the activities associated with them currently fall within in the existing regulatory framework, including financial promotion rules and market abuse legislation. Where those communications are misleading, the regulator absolutely has to act. …..." Lord Stockwood - View Speech
"My Lords, I will of course be happy to meet the noble Baroness. As I hope we are showing through the process on that Bill, we are trying to rightsize our regulation to ensure that it is appropriate.
"My noble friend raises an important point about financial education and financial literacy more generally. Again, I am happy to write to him. There are a number of initiatives across government. We believe that this is an important issue. Shareholders benefit from strong protections under the law and the regulations …..." Lord Stockwood - View Speech
"The Digitisation Taskforce and the access to data have many benefits, not only on promotions but for the issuers of shares to understand where exactly the shareholders are on their cap tables. We hope that that increased awareness of where shareholders and those transactions are will be covered by the …..." Lord Stockwood - View Speech
"Part of the FCA’s consumer duty is to ensure that consumers are well informed and protected. The Home Office has issued another policy on protection from particular scams. I am happy to write to the noble Baroness with the specific duties. The FCA has a consumer duty overall and that …..." Lord Stockwood - View Speech
"I have become well aware of the noble Baroness’s interest in this issue. I am certainly not going to speak for a Prime Minister before he is appointed next week, but this really matters to this Government. My belief is that there will be a continuation of the strategy to …..." Lord Stockwood - View Speech
"The noble Baroness raises important points. There are two distinct answers to the question. On access to data, the courts have declared that a regulated entity, which any financial promotion has to go through, has to approve that offer and say whether it is for proper business or proper promotion. …..." Lord Stockwood - View Speech
"I hope my noble friend saw the Chancellor’s Mansion House speech last night— I imagine everyone was glued to it at 9 pm, as I was. Very much part of what this Government and the FCA are trying to do is to ensure that we have the rightsized regulation for …..." Lord Stockwood - View Speech