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Adjournment debate on Tuesday, 7 December 2010, in the House of Commons, led by Tessa Munt. The answering member was Mark Hoban.

Crown Currency Exchange

Adjournment debate on Crown Currency Exchange.

Secondary information

Type
Parliamentary proceeding
Reference
520 c281-8 
Session
2010-12
Department
Treasury
Chamber / Committee
House of Commons chamber
Proceeding contributions
Mark Hoban | 520 c288 (Link to this contribution) When the €3 million figure is exceeded, a company should be regulated, but that figure refers to the...
Tessa Munt | 520 c287 (Link to this contribution) Exactly what purpose is served by registering a small payments institution with the FSA? Given that ...
Show all contributions (43)
Nick Smith | 520 c288 (Link to this contribution) I thank the Minister for giving way. Given the scale of the issue with 13,000 people having been aff...
Mark Hoban | 520 c287-8 (Link to this contribution) The hon. Lady makes an important point, but the reality is that this activity falls outside the regu...
Russell Brown | 520 c288 (Link to this contribution) I could ask the Minister when he believes that my constituents will receive money and how much, but ...
Mark Hoban | 520 c288 (Link to this contribution) Barclays had a limited relationship with Crown. It did not lend money to Crown, but simply provided ...
Dominic Raab | 520 c286 (Link to this contribution) A number of my constituents have also lost money in this case. I recognise the limited remit of the ...
Mark Hoban | 520 c286 (Link to this contribution) Often in these cases—I do not want to go into detail on this—the FSA is dependent on disclosure by d...
Mark Hoban | 520 c286 (Link to this contribution) It is not a matter for the ombudsman—it is for the administrator to decide what further actions are ...
Mark Hoban | 520 c287 (Link to this contribution) Let me continue for a bit longer. I recognise that there are innocent victims at the heart of this,...
Mark Hoban | 520 c286-7 (Link to this contribution) I should like to make some progress, as there are important points that I want to make by the time I...
Mark Hoban | 520 c287 (Link to this contribution) No, I am going to continue. The regulation of these businesses, including capital requirements, wou...
Wayne David | 520 c284 (Link to this contribution) What message can the hon. Lady give to my constituents, and many others across the country who have ...
Tessa Munt | 520 c284 (Link to this contribution) I am an optimist, so I hope that we might be able to do something, but it would appear that the dire...
Tessa Munt | 520 c284 (Link to this contribution) Absolutely. I hope that that will be part of the outcome. I ask the Minister in particular whether h...
Mark Hoban | 520 c285-6 (Link to this contribution) I congratulate the hon. Member for Wells (Tessa Munt) on securing a debate on this important topic. ...
Peter Aldous | 520 c284 (Link to this contribution) I congratulate the hon. Lady on securing this debate. I have had a response from the FSA. It says:"“...
Andrew Selous | 520 c284 (Link to this contribution) Does the hon. Lady share my concern that the business of Crown Currency Exchange was apparently rega...
Tessa Munt | 520 c284 (Link to this contribution) It is certainly clear that a number of people alerted various sections of the authorities. A year ag...
Daniel Byles | 520 c284 (Link to this contribution) I am grateful to my hon. Friend for giving way, as I am conscious that time is pressing. I join coll...
Tessa Munt | 520 c284 (Link to this contribution) I am not aware of the numbers; I am aware only that there is a peculiarity relating to 547 small pay...
Tessa Munt | 520 c282 (Link to this contribution) Absolutely. Alarmingly, the FSA website states:"““We keep an up-to-date record of all FSA-regulated ...
Tessa Munt | 520 c283 (Link to this contribution) I hope so. There have been some arrests today, and I think that Devon and Cornwall police's serious ...
Andrew George | 520 c283 (Link to this contribution) Arrests have been made, including of one of my constituents. Indeed, the company's offices were base...
Tessa Munt | 520 c283 (Link to this contribution) One might just need to get rid of ““registered””, because it seems to have absolutely no meaning and...
Cathy Jamieson | 520 c283 (Link to this contribution) I, too, congratulate the hon. Lady on securing the debate. The presence of so many Members shows the...
Tessa Munt | 520 c283 (Link to this contribution) I could not agree more. One problem I have discovered is that, although in the registration process ...
Tom Greatrex | 520 c283 (Link to this contribution) I am grateful to the hon. Lady; she has taken a number of interventions, although she has limited ti...
Tessa Munt | 520 c283 (Link to this contribution) I have one quote from the FSA complaints department. It says:"““We are unable to look at your case u...
Robin Walker | 520 c283-4 (Link to this contribution) I congratulate the hon. Lady on securing this important debate. On behalf of my constituent Chris Ne...
Speaker | 520 c281 (Link to this contribution) I call Tessa Munt. [Interruption.] I note the considerable excitement in the House, and I am concern...
Tessa Munt | 520 c281 (Link to this contribution) Thank you, Mr. Speaker. I particularly thank the Minister for attending this evening to reply to thi...
Russell Brown | 520 c282 (Link to this contribution) I congratulate the hon. Lady on securing the debate, because it has been stipulated that Barclays ba...
Tessa Munt | 520 c282 (Link to this contribution) I hope so, because so many people were taken in by the idea that they had some security, and Barclay...
Michael McCann | 520 c281-2 (Link to this contribution) A number of my constituents who have been involved with CCE have also contacted me. Is it not equall...
Tessa Munt | 520 c282 (Link to this contribution) That is quite correct. It certainly seems to be the case that on several occasions a number of peopl...
John Howell | 520 c282 (Link to this contribution) Does my hon. Friend agree with a constituent of mine, who wrote to me to say:"““I think everyone wou...
Jim Shannon | 520 c282 (Link to this contribution) Throughout the whole United Kingdom, not just on the UK mainland, but in Northern Ireland, those who...
Dennis Skinner | 520 c286 (Link to this contribution) A lot of people have lost money, including people in my constituency and loads of others. Does the M...
Subjects
Complaints Compensation Currency speculation Financial services Insolvency Payments Regulation Crown Currency Exchange
Link
View this Parliamentary proceeding on www.publications.parliament.uk