Money Laundering: British Banks
Debate between Simon Kirby and David Rutley(7 years, 1 month 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.
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Simon Kirby
In this alleged case, my understanding is that the bodies used were limited companies, not limited partnerships. Last year, BEIS introduced the register of people with significant control, and we will be consulting shortly on UK property-owning foreign companies. That is a step forward.
The hon. Gentleman mentioned the limited partnership consultation; I am sure that any right hon. or hon. Member who wants to write to the Secretary of State for Business, Energy and Industrial Strategy can do so. It is also appropriate to say that we are world leaders in financial regulation. The FCA does a good job, is held in high regard by the rest of the world and strikes the right balance between consumer protection and fairness.
David Rutley (Macclesfield) (Con)
My hon. Friend takes this issue seriously. Will he tell the House how unexplained wealth orders will prevent criminals from using the proceeds of crime in the UK?
Simon Kirby
My hon. Friend raises an important part of the Criminal Finances Bill, which is going through the other place as we speak. I look forward to its receiving Royal Assent and becoming law, giving new law enforcement powers to stop any of this activity.
Sale of Annuities
Debate between Simon Kirby and David Rutley(7 years, 6 months ago)
Commons ChamberRead Full debate Read Hansard Text Read Debate Ministerial Extracts
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
None of us wants to see people being baffled, and none of us wants to see uncertainty, but at the end of the day we are surely better off making the right decision, which protects vulnerable consumers, rather than carrying on regardless. The hon. Gentleman is right that we all have a responsibility to educate and inform people throughout their lives about the importance of savings and pensions, and that is something the Government fully intend to continue doing.
David Rutley (Macclesfield) (Con)
I know that this is a difficult decision for my hon. Friend, because he feels passionately about pension freedoms. Can he assure the House, though, that every effort is now being made to ensure that pension providers fully co-operate with all other aspects of the Government’s wider pension freedoms, which have been so warmly welcomed around the country?
Simon Kirby
I can give my hon. Friend the reassurance that I will do all I can to make sure that providers work closely with the Government to get the best possible deal for older people and indeed savers, including younger people—people who are perhaps not in the habit of saving or contributing to pensions. That is an important thing, and I am happy to pursue it with my full vigour.