Business of the House

Mike Freer Excerpts

Thursday 15th September 2016 Commons Chamber

[Mr Lidington]

This is not a new policy. I do not want to pre-empt the statement, but a decision was made by the previous Government and it was put on hold by the Prime Minister, so that, quite reasonably, she could re-examine the evidence in detail before deciding whether to commit the United Kingdom to such a major project. The Secretary of State for Business, Energy and Industrial Strategy will set out in detail the Government’s decision and the reasoning behind it, and the right hon. Gentleman will have ample opportunity to put his case to the Secretary of State then.

[Mike Freer (Finchley and Golders Green) (Con)]

One of my constituents, Naba Pandey, has been battling for many months for the return of money he invested in StratX Markets. StratX Markets—I want to stress the firm’s name—has refused to engage with my constituent or me, and the money has not been returned. Binary options trading remains an unregulated, almost cowboy market, and the Treasury remains impotent. Will the Leader of the House arrange for a debate about regulation of the market?

[Mr Lidington]

My hon. Friend will understand that I cannot comment in detail on that constituency case, but binary option operators that hold remote gambling equipment in Great Britain are regulated by the Gambling Commission. Such operators must hold a licence to sell binary options lawfully to consumers. To do so without a licence is an offence. The Gambling Commission can and does take action against unlicensed operators. I advise my hon. Friend to take the case to the Gambling Commission. If his constituent believes that fraudulent activity has happened, he should take the case to Action Fraud.