Commons Sense

House of Commons · Ministers' Questions

Financial Services: Growth Support

Tuesday 6 February 2024 · 3 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 2 Not answered 0

Key points

  • Bob Blackman thanked the Minister for addressing the Woodford equity scandal and noted that 90% of investors voted to accept the scheme of arrangement.
  • The Government is implementing Solvency II reforms to support growth in the UK's financial services sector, aiming to unlock 100 billion.
  • Jim Shannon from Northern Ireland requested support for the financial services sector from the Minister and the Government.

Topics (select to filter)

Questions & Answers

Q1 Bob Blackman Con Harrow East
Business & Trade
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.

Question

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?

Answer from Bim Afolami

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.

Partly answered

Not addressed: Did not commit to taking action or providing compensation for Woodford equity scandal victims.

How: 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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Q2 Bob Blackman Con Harrow East
Business & Trade
Context

The MP is concerned about the impact of Solvency II reforms on the financial services industry and investor confidence.

Question

What steps his Department is taking to support growth in the financial services sector.

Answer from Bim Afolami

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.

Answered
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Q3 Jim Shannon DUP Strangford
Northern Ireland
Context

The MP is seeking support from the government to ensure that Northern Ireland can be part of the financial services sector.

Question

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.

Answer from Bim Afolami

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.

Partly answered

Not addressed: Did not commit to specific actions or funding for Northern Ireland's engagement with the financial services sector.

How: I Am Very Happy To Engage With Him And His Colleagues From Northern Ireland To See What More I Can Do In The Treasury

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