Money Laundering: British Banks
Debate between Sammy Wilson and Simon Kirby(7 years, 1 month ago)
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Simon Kirby
My hon. Friend raises an interesting point. This Government are doing more than ever before to tackle this important issue. When it comes to money laundering, the Department for Business, Energy and Industrial Strategy has called for evidence on the use of limited partnerships, which were raised by the hon. Member for Kirkcaldy and Cowdenbeath (Roger Mullin), and will in due course consider any action needed to address those concerns.
Sammy Wilson (East Antrim) (DUP)
To a long list of misdemeanours committed by the banks for which directors have not been held responsible, we now have this allegation of extensive laundering of funds that were either stolen or of criminal origin. One of the explanations that has been given is that directors of banks see compliance as an expense with no return. Can the Minister assure us that the allegations will be properly investigated by criminal investigators and that, if it is found that directors have encouraged slack compliance for the profit of their bank, they will feel the full weight of the law and realise that slack compliance has a cost in their personal lives?
Simon Kirby
The hon. Gentleman is absolutely right that in this country we have not only a world-regarded financial regulation system but a rule of law that is both fair and effective. If there is any wrongdoing or impropriety, it is right and proper that those people face the full weight of the law.
Sale of Annuities
Debate between Sammy Wilson and Simon Kirby(7 years, 6 months ago)
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Urgent Questions are proposed each morning by backbench MPs, and up to two may be selected each day by the Speaker. Chosen Urgent Questions are announced 30 minutes before Parliament sits each day.
Each Urgent Question requires a Government Minister to give a response on the debate topic.
This information is provided by Parallel Parliament and does not comprise part of the offical record
Simon Kirby
That is certainly something we will be looking at. At the end of the day, many people got a poor deal on the way in; the last thing I want to do is to give them a doubly poor deal on the way out because the market is not big enough to provide value for money. If that means the option of reducing regulation, I am not a fan of that; regulation exists to support people and to help them make the right decisions.
Sammy Wilson (East Antrim) (DUP)
The industry opposed this; millions of pensioners who were locked into low-paying annuities supported it. The Chancellor at the time knew all the problems, yet he claimed to be the champion of choice for the people. What has changed? Do the Government now believe that the nature of people they said would make good choices because they were sensible and had good advice has changed? Given that the Minister has removed choice, but not the problem, what does he intend to do for those who still find themselves locked in annuity arrangements that do not give them a sensible and fair income?
Simon Kirby
It is fair to say that the Chancellor of the Exchequer at the time was not in possession of all the information following the consultation. It was our intent, clearly, at the time to listen carefully to not only the industry but consumer groups, which we have done extensively. It is worth saying that we remain absolutely committed to all the other pension freedoms that we are introducing. This is a sensible way forward, and I hope the hon. Gentleman welcomes it.