St David’s Day

Nick Smith Excerpts

Thursday 28th February 2019 Commons Chamber

[Tonia Antoniazzi]

I feel that I shall have to make a date with the hon. Gentleman to discuss his suggestion further. I do not entirely agree with it, but it would be good to have a discussion about it.

The Swan project is to be commended, and my hon. Friend the Member for Swansea East (Carolyn Harris) has another vision that I totally support. Swansea needs a 24-hour crisis hub where our most vulnerable people can have access to all the services that they need in one place. Think of having a safe space to go if you are a victim of domestic violence; think of having a consumption room in the place as you can pick up your needles. We want to keep people off the streets and safe, and we need to work with our colleagues in the Welsh Assembly to deliver that and help those who need it most.

It is fantastic to see the beauty and splendour of my constituency being celebrated on moving billboards across London: at Paddington station, I believe. I hope that Members have seen the National Trust #PlacesMatter story about Mal, who had an accident at work which meant that he was unable to walk for five years. He says that when you go to Gower, you are blown away by it. The Gower peninsula just makes him feel alive. It helped him, and it helps many others. We should never underestimate the impact of our surroundings on our wellbeing. The beauty of my constituency, from Worms Head to the Lliw Valley reservoir, can never be overstated.

Wales is obviously the most beautiful country in the UK—

[Nick Smith (Blaenau Gwent) (Lab)]

In the world!

[Tonia Antoniazzi]

In the world; correct. It is the most beautiful country, from the striking and romantic coastline of Ynys Môn to the picturesque fishing village of Aberaeron in Ceredigion to the Afan Forest Park, a hidden gem in the constituency of my hon. Friend the Member for Aberavon (Stephen Kinnock). We also have an unrivalled cultural history. We have the Welsh National Opera, Only Boys Aloud—who have been here today—Mike Peters MBE of The Alarm, Bonnie Tyler, and, of course, Goldie Lookin Chain. We also have poets galore.

--- Later in debate ---

[Nick Smith (Blaenau Gwent) (Lab)]

I congratulate my hon. Friend the Member for Gower (Tonia Antoniazzi) on introducing this debate. May I say how great it has been to acknowledge the contribution of our friend, Paul Flynn? Every week when I go through Newport train station, I remember his dry wit and his friendship. We will miss him greatly.

A year and a half ago, steelworkers from across south Wales were hit by a pensions storm. They had a hard deadline to decide on their futures against a backdrop of serious uncertainty for their industry. Then they were aggressively targeted by financial advisers, and about 8,000 of them ended up transferring out of their pension scheme altogether. While the full scale of the problem is not entirely clear, it looks set to be as bad as many feared. We know that 872 of the steelworkers were advised by firms who were prevented from advising by the Financial Conduct Authority. Now there are real concerns that the final number might be even greater. Since then, the FCA has reviewed the files of 2% of the steelworkers who transferred out. It found that 58% of this advice was not suitable. That could mean that thousands of steelworkers were affected.

This is a very serious situation, and it requires a strong and co-ordinated response with much more granular analysis of what occurred. That response should focus on four specific areas. First, steelworkers who transferred out need to make sure that the advice given was appropriate. There are advisers and solicitors who are supporting steelworkers, working on an independent initiative to help them. I encourage steelworkers who transferred out to get in touch when that has been set up. Secondly, if the number of people affected is as high as we all fear, there needs to be pressure to make sure that the industry insurers fully honour their obligations.

Thirdly, arrangements for compensation need to be looked it. The financial services compensation scheme has reviewed earlier claims and increased the compensation in some cases, and that is positive. However, we also need to look at the rate that is used to calculate this compensation, because that has a big impact on steelworkers and their families. It needs to be as generous as possible so that the steelworkers are not disadvantaged when making claims. Finally, rogue advisers who prey on steelworkers have to face serious consequences. This should include permanent restrictions, financial penalties, and, when necessary, referral to the police for criminal investigation.

The crisis that saw many steelworkers see their hard-earned money put at risk should not have happened. On this St David’s Day, we need to work together and sort things out for them.