Commons Sense

House of Commons · Westminster Hall

Fraud In Financial Services And Consumer Protection

22 March 2022 · 0 other contributors · 1,800 words

Opened by John Glen Con Salisbury

Responding minister: Not recorded

Crime & Law Enforcement

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

Read the full transcript on Parliament.uk

At a glance

John Glen raised concerns about fraud in financial services and consumer protection in Westminster Hall. Response awaited from government.

Key points

  • John Glen is concerned about the impact of fraud on societal trust, citing the Midas Financial Services case involving Mr Greig.
  • Glen calls for a review of the appointed representative regime to enhance oversight and improve public information on authorised activities.
  • Glen requests greater clarity in consumer protection measures from the government.

Key requests to Government

Glen asks for a review of the appointed representative regime, urging the Treasury and FCA to strengthen the oversight principals have over their ARs and improve public information on authorised activities. He also requests more clarity in consumer protection measures.

How the debate unfolded

MPs spoke in turn to share their views and ask questions. Here's what each person said.

Opened the debate

John Glen Con Salisbury

John Glen is concerned about the impact of fraud on trust within society, particularly highlighting the case of Midas Financial Services where Mr Greig perpetrated a large-scale fraud over several years. He acknowledges that this has caused great misery to many investors who were misled by false promises and inadequate oversight from regulatory bodies like RBS.

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