← Back to House of Commons Debates
Financial Conduct Authority and Blackmore Bond plc
30 June 2021
Lead MP
Nigel Evans
Debate Type
Adjournment Debate
Tags
Economy
Other Contributors: 1
At a Glance
Nigel Evans raised concerns about financial conduct authority and blackmore bond plc in the House of Commons. A government minister responded. Other MPs also contributed.
How the Debate Unfolded
MPs spoke in turn to share their views and ask questions. Here's what each person said:
Lead Contributor
Opened the debate
Mr Nigel Evans raised concerns about the collapse of Blackmore Bond plc and questioned the effectiveness of regulatory bodies like the Financial Conduct Authority (FCA). He detailed how the company, incorporated in July 2016, went into administration in May 7, 2020, and later liquidation. It raised £46 million from small investors through mini-bonds with false promises of security and returns. Mr Evans criticised the FCA for its delayed intervention and lack of proactive measures despite early warnings, emphasising that regulatory failures had led to significant losses for individual investors who were misled by the company’s deceptive practices.
Peter Grant
Con
Glenrothes
Mr Peter Grant highlighted the collapse of Blackmore Bond plc and questioned whether regulators, including the FCA, adequately protected investors from high-risk investments sold through unregulated means.
Government Response
The Minister began by paying tribute to Ian Davis on his retirement. He then addressed the debate topic by outlining the background of Blackmore Bond plc and acknowledging the distress caused to its investors. The Minister explained that while the FCA has taken steps to intervene, including banning the promotion of high-risk mini-bonds and working with other firms to ensure compliance, it is important to recognise the different responsibilities of the regulator towards authorised versus unauthorised actors. He highlighted government efforts to bring mini-bond issuance into regulation through consultation and legislative action. The Minister also mentioned ongoing reforms within the FCA aimed at enhancing its operational efficiency and effectiveness, including the use of data analytics for more proactive interventions.
▸
Assessment & feedback
Summary accuracy
About House of Commons Debates
House of Commons debates take place in the main chamber of the House of Commons. These debates cover a wide range of topics including government policy, legislation, and current affairs. MPs from all parties can participate, question ministers, and hold the government accountable for its decisions.