Financial Services Growth Support 2024-02-06
2024-02-06
TAGS
Response quality
Questions & Answers
Q1
Partial Answer
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Context
The MP is concerned about investor confidence in the financial services industry following the Woodford equity scandal, which affected thousands of investors across the country.
I thank my hon. Friend for his answer but, clearly, to grow the financial services industry, investors must have confidence that their money is safe. I have written to him about the Woodford equity scandal, of which there are many thousands of victims across the country. The Financial Conduct Authority refused to intervene, so will he now intervene and take action to ensure that the investors get at least a large part of their money back?
I thank my hon. Friend for his question, for writing to me and for standing up for the rights of his constituents. It is important the House knows that over 90% of investors voted to accept the scheme of arrangement. It is now up to the court to decide whether to approve it, and I therefore will not comment on it any further.
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Assessment & feedback
Did not commit to taking action or providing compensation for Woodford equity scandal victims.
It Is Now Up To The Court To Decide Whether To Approve It, And I Therefore Will Not Comment On It Any Further.
Response accuracy
Q2
Direct Answer
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Context
The MP is concerned about the impact of Solvency II reforms on the financial services industry and investor confidence.
What steps his Department is taking to support growth in the financial services sector.
The Government are taking ambitious steps to grow the UK's world-leading financial services sector, with widespread industry support. To take one example, reforms to Solvency II will help to spur a vibrant, innovative and internationally competitive insurance sector. The reforms will unlock £100 billion-worth of productive investment to grow the economy in every constituency over the next 10 years.
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Assessment & feedback
Response accuracy
Q3
Partial Answer
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Context
The MP is seeking support from the government to ensure that Northern Ireland can be part of the financial services sector.
As the Minister knows, the Northern Ireland Assembly sits for the first time today to make a change for Northern Ireland. We would very much like to be part of the financial services sector, so what can he and the Government do to support the Northern Ireland Assembly in relation to the financial services sector, and to ensure that we in Northern Ireland can be part of this great country of the United Kingdom of Great Britain and Northern Ireland? Always better together.
I strongly echo the hon. Gentleman's sentiments. I am very happy to engage with him and his colleagues from Northern Ireland to see what more I can do in the Treasury to work with him and, indeed, the Northern Ireland Executive, particularly to encourage our financial services institutions to invest more in Northern Ireland. I am very happy to discuss ways in which we can do that.
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Assessment & feedback
Did not commit to specific actions or funding for Northern Ireland's engagement with the financial services sector.
I Am Very Happy To Engage With Him And His Colleagues From Northern Ireland To See What More I Can Do In The Treasury
Response accuracy