"Q You are right that financial firms fail, but the issue is not just their failure. The reason for the Bill is that the Government judge that such was the degree of regulatory failure that a compensation scheme is in order. The question is not whether financial firms can …..." Pat McFadden - View Speech
"Q In 2014, the FCA took on responsibility for supervising tens of thousands more firms as a result of the transfer of responsibilities from the Office of Fair Trading. Should we understand that that created significant difficulties for the FCA in absorbing tens of thousands of firms to supervise, …..." Pat McFadden - View Speech
"Q Are you telling us that it was a difficult thing to swallow but you now have the systems in place to deal with it?
Sheree Howard: I was not in the FCA at the time, but it was a very large assumption of remit. We have changed systems. …..." Pat McFadden - View Speech
"Q Good morning. Thank you very much for giving evidence today. Clause 2 of the Bill authorises a Government loan that will subsequently be paid for by a levy on the industry over a period of years. Can you tell us how that levy will work and how the …..." Pat McFadden - View Speech
"Q The reason for that is the growth of pension fraud and mis-selling. Obviously, you are the ultimate backstop at the Pension Protection Fund. What is your view of the trajectory of pension fraud and mis-selling? Is it growing in nature? If so, how could the Government and the …..." Pat McFadden - View Speech
"Q My final question is about information to consumers. We have the Pension Protection Fund, we have the financial services compensation scheme, and now we have the Fraud Compensation Fund as well. If a pension scheme member finds themselves in need of redress, how will they navigate their way …..." Pat McFadden - View Speech
"Q Thank you, Ms Ghani, and I thank all the witnesses for giving us their time. Dame Elizabeth, I would like to begin with you. You produced a hefty, detailed report of hundreds of pages with a number of different recommendations. Having looked into the collapse of London Capital …..." Pat McFadden - View Speech
"Q You were, of course, asked to look into the collapse of one particular firm. At the heart of quite a lot of your findings is the tension of a regulated firm selling unregulated products. Although you were asked to look into the collapse of one firm, do you …..." Pat McFadden - View Speech
"Q Thank you. This is my final question to you, Dame Elizabeth. You made a recommendation about dealing with the lacuna in how ISA status were dealt with between the FCA and HMRC. Could you tell us a bit more about this? What is this lacuna? ISA status is …..." Pat McFadden - View Speech
"Q Thank you. That is a very important finding. I have one further question to the Transparency Task Force about the uniqueness, or otherwise, of the LCF case. The Government’s case is that the LCF collapse— rather not the collapse but this response to it—is unique because, as both …..." Pat McFadden - View Speech