Arch Cru Compensation Scheme
Debate between Peter Bottomley and Alun Cairns(12 years, 6 months ago)
Westminster HallRead Full debate Read Hansard Text Read Debate Ministerial Extracts
Westminster Hall is an alternative Chamber for MPs to hold debates, named after the adjoining Westminster Hall.
Each debate is chaired by an MP from the Panel of Chairs, rather than the Speaker or Deputy Speaker. A Government Minister will give the final speech, and no votes may be called on the debate topic.
This information is provided by Parallel Parliament and does not comprise part of the offical record
Alun Cairns
I am grateful to the hon. Gentleman. He underlines the power of the FSA to limit compensation, rather than to uncover and to provide just compensation for people who have been ill-advised and ill-treated throughout this whole process.
These issues need to be reconsidered in an equitable way and without conflict.
Sir Peter Bottomley (Worthing West) (Con)
Will my hon. Friend confirm that the vital thing that needs to be done straight away is to lift the deadline so that people can make decisions, knowing that they are not throwing away some future interest? Will he also join me in saying to the Minister that, whatever direct powers the Government may or may not have, they do have the opportunity to call people together to say that the present situation is unfair and not right for investors? They need to find a way to make it possible for MPs, financial advisers and everyone else to say to investors, “This is what you should do now.”
Alun Cairns
That pragmatic and practical intervention would certainly set us on the right road to gaining justice for investors. The issue needs to be reconsidered in an equitable way and without conflict. The Minister and the Government should have the responsibility to bring together the various parties. Under section 14 of the 2000 Act, the Minister also has the power to launch a formal investigation, so that those with conflict are removed and the situation is judged objectively and properly. That will be the first step towards achieving justice for investors.