Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what steps HM Treasury is taking to help prevent people with previous convictions for fraud from operating in UK financial markets.

The Government is committed to protecting consumers and maintaining the integrity of UK financial markets. The Financial Conduct Authority and the Prudential Regulation Authority have robust powers to ensure that individuals carrying out regulated financial services activities are fit and proper.

Assessments of fitness and propriety include consideration of honesty, integrity and reputation, and may take account of criminal convictions where relevant. The Financial Conduct Authority and the Prudential Authority can also make prohibition orders preventing individuals who are not fit and proper from carrying out functions relating to regulated activities, alongside other supervisory and enforcement action where appropriate.