Commons Sense

House of Commons · Ministers' Questions

Financial Services Sector: Corruption

Thursday 25 May 2023 · 2 questions

Summarised by AI from the official record, so it can contain mistakes.

Read the full transcript on Parliament.uk

At a glance

Answered 1 Partly answered 1 Not answered 0

Key points

  • Andrew Bridgen asked about steps to ensure effective prosecution of corruption in the financial services sector.
  • The Economic Crime and Corporate Transparency Bill will extend the Serious Fraud Office's pre-investigative powers.
  • Andrew Bridgen requested a meeting with evidence of corruption and fraud in financial institutions and regulators.

Topics (select to filter)

Questions & Answers

Q1 Andrew Bridgen Con
Crime & Law Enforcement Economy
Context

None provided, directly asks about steps to ensure prosecution.

Question

What steps she is taking to ensure the effective prosecution of corruption in the financial services sector.

Answer from Michael Tomlinson

The Economic Crime and Corporate Transparency Bill will extend the Serious Fraud Office's pre-investigative powers, allowing it to compel people to furnish the SFO with information earlier in cases of domestic corruption and fraud.

Answered
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Q2 Andrew Bridgen Con
Justice & Courts Standards & Ethics
Context

None provided, asks for a meeting to provide evidence.

Question

I thank the hon. and learned Gentleman for his answer. Will he agree to meet me and a number of whistleblowers at his earliest convenience? We will provide him with evidence of corruption and fraud in financial institutions, financial regulators and the judiciary.

Answer from Michael Tomlinson

The Financial Conduct Authority rightly published guidelines in July 2017 referring back to the money laundering regulations of that year. The hon. Gentleman might want to direct his inquiries towards the Economic Secretary to the Treasury. In relation to his substantive question about prosecutions, it is of course right that both the SFO and the CPS operate independently. The Attorney General is responsible for safeguarding that independence, and she takes that role incredibly seriously.

Partly answered

Not addressed: Meeting with whistleblowers

How: Direct Inquiries Towards Economic Secretary

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