Crown Currency Exchange

Debate between Wayne David and Tessa Munt

Tuesday 7th December 2010 Commons Chamber

[Tessa Munt]

Absolutely. I hope that that will be part of the outcome. I ask the Minister in particular whether he would agree to meet members of the group Action against Crown Currency Exchange, me and other Members whose constituents have an interest, so that we can explore what might be done. It certainly seems to me that the legislation does not allow the FSA to operate in an effective way. Perhaps it is for the House to deal with that.

[Mr Wayne David (Caerphilly) (Lab)]

What message can the hon. Lady give to my constituents, and many others across the country who have lost large sums of money, about what hope they might have of compensation?

[Tessa Munt]

I am an optimist, so I hope that we might be able to do something, but it would appear that the directors of the company have operated through a loophole in the scheme. I suspect that they were very savvy and knew exactly what they were doing. They have registered rather than being regulated or authorised. Some 13,000 people have lost £20 million and there is enormous distress and dismay about what has happened.