argyrotsipi/train-dataset huggingface dataset:
Connaught Income Fund — House of Commons, 2016-01-12
Topic: Domestic Commerce
John Philip Glen (Conservative, Centre-right): My hon. Friend is getting to the crux of the matter. For an organisation that many of our constituents see as being an appropriate regulator and an arbiter of what should happen, this lack of accountability is totally unacceptable. The number of vulnerable people who are reliant on this organisation to act wisely means that it is outrageous that this situation is allowed to continue. Does he agree that urgent action needs to be taken by the Minister to ensure that the FCA steps up to the mark immediately?
Connaught Income Fund — House of Commons, 2016-01-12
Topic: Domestic Commerce
Guto ap Owain Bebb (Conservative, Centre-right): I agree entirely with my hon. Friend, who has been a firm supporter of the APPG since its establishment. He makes the point we wish to make: we might be annoyed that the all-party group has not been kept informed, but we should be outraged that the investors and the stakeholders involved in the fund have also been treated with such disrespect.
Connaught Income Fund — House of Commons, 2016-01-12
Topic: Domestic Commerce
Alexander John Gervase Chalk (Conservative, Centre-right): May I declare an interest, Mr Speaker? As a barrister, I was instructed by the FCA to prosecute serious Ponzi fraud. I agree with my hon. Friend that this is about clarity and certainty; it is only by being clear that the investigation is being concluded that investors who have been left in limbo can get the certainty they deserve.
Connaught Income Fund — House of Commons, 2016-01-12
Topic: Other
Guto ap Owain Bebb (Conservative, Centre-right): Again, I fully endorse those comments. We are in this House this evening almost giving a cry for help to the Minister, where the all-party group and Members of Parliament have failed to deliver on behalf of their constituents. I sincerely hope that she can intervene and ensure that at least a degree of clarity is offered.
Connaught Income Fund — House of Commons, 2016-01-12
Topic: Domestic Commerce
Guto ap Owain Bebb (Conservative, Centre-right): That is a point that I subscribe to and agree with, and it should be considered in due course The questions that I have for the Minister are pretty clear. First, in view of the FCA’s recent decision to cancel its proposed review of banking standards and culture, can we have a guarantee that the investigation will be completed by the FCA? Many people affected by this issue have contacted me, expressing their concern that, in view of the delays and the lack of information from the FCA, the review will be completed Secondly, the FCA unilaterally withdrew from the mediation process, without any consultation with stakeholders or investors. Can the Minister assure us that the FCA will, upon completion of its investigations, publicly justify its decision to curtail the process of mediation and the subsequent delay in compensation and redress Thirdly, it has also been implied that the reason for curtailing the mediation process was a result of a realisation within the FCA that the financial compensation on offer from the mediation process would not be sufficient. Is that the case? As we have had no clarity or confirmation that that is the case, will the Minister give us some assurances on the matter? If it is not the case, will the FCA be able to explain why it therefore curtailed the mediation?
Connaught Income Fund — House of Commons, 2016-01-12
Topic: Mixed Topics
Guto ap Owain Bebb (Conservative, Centre-right): The hon. Lady has asked my fourth and fifth questions. My fourth question is this: 10 months after the mediation was cancelled, are we in a position to get an update from the FCA, and, if we are, how soon can that update be offered Finally, we need an end date. We need to know when this investigation will be completed. I ask the Minister to implore the FCA to provide that information.
Connaught Income Fund — House of Commons, 2016-01-12
Topic: Domestic Commerce
Peter James Guy Aldous (Conservative, Centre-right): I understand this situation very well. My constituent Charles Rodbourne has lost the bulk of his life savings. This scandal has been going on for seven years now. Will my hon. Friend urge the Minister to do all she can to bring it to a conclusion as swiftly as possible, as so many people across this country are affected?
Connaught Income Fund — House of Commons, 2016-01-12
Topic: Domestic Commerce
Guto ap Owain Bebb (Conservative, Centre-right): I join my hon. Friend in urging the Minister to do just that In relation to my five questions, I think that the FCA has hidden behind its claims that, because this is a live investigation, it is not in a position to comment. Will the Minister confirm that there is in fact no statutory reason why the FCA cannot provide a progress report for those who are interested in this issue Finally, it is important to address the ongoing concern about the way in which the IFA community is being treated by the regulatory authorities in relation to the Connaught issue. Emails and other information in the public domain imply that the Financial Ombudsman Service, when dealing with complaints about Connaught, is instructing its caseworkers to find against IFAs regardless of the facts of the matter, and indeed regardless of the fact that there is an inquiry and an investigation into possible fraudulent wrongdoing within Connaught in the first instance It is entirely appropriate that independent financial advisers should be held to account for any poor advice offered. However, that would demand that each case, or each complaint brought to the FOS, is considered on merit. The instructions to FOS officials to ignore such evidence of wrongdoing and the on-going investigation into what happened in Connaught makes it very difficult for us to have any confidence in the decisions made by FOS in relation to complaints against individual IFAs I understand the need to ensure that both the FOS and the FCA operate independently of each other. However, is it too much to ask that they at least consider each other’s actions before making decisions that are clearly based upon only a partial understanding of the facts?
Connaught Income Fund — House of Commons, 2016-01-12
Topic: Domestic Commerce
Guto ap Owain Bebb (Conservative, Centre-right): Again, I would agree with those comments If blanket decisions are being made on the basis of rules that do not take into account individual cases, I ask the Minister to ask whether the FOS and the FCA are acting properly and fairly as regards their duty of care towards independent financial advisers. The debate has shown, if nothing else, that there is a degree of concern across the House. I apologise to the Minister for having over-extended my allotted time, and I will therefore sit down and allow her to answer some of the very important questions that have been raised by colleagues.
Connaught Income Fund — House of Commons, 2016-01-12
Topic: Domestic Commerce
Harriett Mary Morison Baldwin (Conservative, Centre-right): I congratulate my hon. Friend the Member for Aberconwy (Guto Bebb) on securing this debate, chairing the all-party group and raising the serious issues concerning the Connaught Income Fund. His constituents and, clearly, those of many other colleagues have been seriously affected by this event and have written to me many times Many investors have lost substantial sums and, indeed, sometimes their life savings as a result of the events involving the Connaught funds. I am very much aware that that has caused real hardship for people across the country. It is important that the FCA and the all-party group get to the bottom of this matter and try to secure the best outcome for investors in these funds. Those who are responsible should face justice for their actions. It is equally important that steps are taken to ensure that this situation does not arise again in the future I reassure my hon. Friend and all other Members that the Financial Conduct Authority takes this matter extremely seriously.
Connaught Income Fund — House of Commons, 2016-01-12
Topic: Domestic Commerce
Harriett Mary Morison Baldwin (Conservative, Centre-right): Given the lack of time, I will make a bit of progress. If I have time, I will come back to the hon. Lady The FCA also knows that what happened with the Connaught funds has caused serious distress to many investors and continues to work closely on this case to secure the best possible outcome. As my hon. Friend the Member for Aberconwy said, the Connaught funds comprised three separate funds, income series 1, series 2 and series 3. In total, approximately £147 million was invested in the funds, which, as we know, were unregulated collective investment schemes. By definition, such schemes are not subject to direct regulation by the FCA or, previously, by the Financial Services Authority In the case of Connaught investment funds, many of the usual protections and safeguards that protect investors in regulated funds were absent, owing to the unregulated nature of some of the entities involved. On this point, I want to touch on two main issues. The first concerns the actions taken by the FCA to try to protect consumers, despite most of the entities involved being unregulated. That includes the ongoing work to secure a fair and proper outcome for investors. The second involves the steps that can be taken to ensure that this sort of situation does not happen again First, despite the schemes being unregulated, the FCA has taken a number of significant steps to try to protect customers right from when the first problems arose. In May 2011, the FCA, which was at the time the FSA, altered Tiuta’s permissions on issuing new regulated mortgage lending. Shortly thereafter, it wrote to investors who might have been mis-sold the fund and all financial advisers who sold the fund, asking them to review the sales and to contact customers where there may have been the risk of unsuitable advice. The FCA has continued to provide updates on the situation via its website. Once the funds were suspended and steps were taken to wind them down, the FCA announced on 16 July 2014 that it would support a negotiated settlement to address investor losses As hon. Members may know, the FCA initially supported the negotiations between the parties involved, as it believed that doing so was in the best interests of investors. However, having extended the negotiations more than once, in March 2015 the FCA announced its decision to withdraw from them. The FCA decided that a further extension to the negotiation period was not in the best interests of investors. I am sure my hon. Friend will understand that as the negotiations were voluntary and confidential, the FCA cannot provide specific details on what happened during the negotiations.
Connaught Income Fund — House of Commons, 2016-01-12
Topic: Domestic Commerce
Harriett Mary Morison Baldwin (Conservative, Centre-right): I have so little time The FCA is now conducting formal investigations into the activities of the two operators of the fund, Capita Financial Managers Ltd and Blue Gate Capital Ltd. My hon. Friend questions the length of time that the FCA is likely to take in order to conduct and conclude its investigations. Although it is too early to give a reliable estimate of the likely time frame for their conclusion, the FCA has assured me that it intends to progress the investigations efficiently and effectively. The length of time it will take to complete the investigations is affected by, among other things, the level of co-operation received from those under investigation and any related third parties As the FCA is in the process of carrying out its investigations it is, of course, not possible to comment on their likely outcome. The FCA is unable to provide any comment on what the level or form of compensation to investors may be if it is found that the operators have contravened any regulatory principles or rules.
Connaught Income Fund — House of Commons, 2016-01-12
Topic: Domestic Commerce
Harriett Mary Morison Baldwin (Conservative, Centre-right): I have so little time, but I will try to make progress and then give way The FCA is an independent, non-governmental body, so I am sure my hon. Friend the Member for Aberconwy will agree that for me to interfere in its investigations in any way would not be appropriate My hon. Friend raised the question of whether the Financial Ombudsman Service has indicated a pre-determination to find against independent financial advisers, regardless of the allegations of fraudulent behaviour within the fund. It is important to note that like the FCA, the Financial Ombudsman Service is an independent, non-governmental body. It provides an independent dispute resolution service for consumers with individual complaints against financial services companies. In view of this independence, it would not be appropriate for the Government to comment or intervene in the Financial Ombudsman Service’s work on complaints against advisers who sold the Connaught Income Fund However, although I cannot provide comment on these details of these investigations, I am assured that the FCA has put considerable resources, time and effort into trying to achieve a good outcome for the investors affected by the failure of the fund, and that it continues to act in the best interests of the investors.
Connaught Income Fund — House of Commons, 2016-01-12
Topic: Domestic Commerce
Harriett Mary Morison Baldwin (Conservative, Centre-right): The hon. Lady has been assiduous in tabling a number of parliamentary questions. I think I am right in saying that they have been put on the record in the Library. I encourage other hon. Members to have a look and see the record that she has managed to get from the FCA in writing I am sure that other hon. Members who have constituents who have suffered losses in the Connaught Income Fund will welcome the reassurance that the FCA is doing its utmost to secure the best possible outcome for investors, and that they will support the FCA in its current investigations.
Connaught Income Fund — House of Commons, 2016-01-12
Topic: Other
Harriett Mary Morison Baldwin (Conservative, Centre-right): I am sure my hon. Friend would not want me to interfere in a number of different FCA matters, but I am quite sure that the FCA will have seen the strength of feeling in the Chamber this evening I have one minute left so I will take a quick intervention.
Connaught Income Fund — House of Commons, 2016-01-12
Topic: Domestic Commerce
Harriett Mary Morison Baldwin (Conservative, Centre-right): There clearly is a lot to investigate in this case. As I said, the FCA is doing its utmost to secure the best possible outcome for investors I would like to reassure hon. Members about the steps that have been taken to ensure that this situation does not occur again. The FCA has brought in new rules banning the promotion of unregulated collective investment schemes to ordinary retail investors. Independent financial advisers should not be selling unregulated investment schemes to retail investors. The circumstances in which unregulated schemes can be promoted to consumers are generally restricted to certain types of qualifying investors, such as those who have a high level of understanding about investments, or high net worth individuals, for whom those products are likely to be more suitable. That is an important step to take in ensuring that such a situation does not occur in the future I thank my hon. Friend the Member for Aberconwy once again for raising these important issues. His all-party group plays an incredibly important role in the parliamentary scrutiny of what the FCA is investigating, and I hope we can move forward and secure redress for his constituents and others Question put and agreed to.
Speaker’s Statement — House of Commons, 2016-02-08
Topic: Other
John Simon Bercow (Conservative, Centre-right): I wish to repeat what I said to the House on Friday It is with great sadness that I must report to the House the death of Harry Harpham, the hon. Member for Sheffield, Brightside and Hillsborough. Harry entered the House at the last general election, following careers as a miner, as a researcher for David Blunkett, now the right hon. Lord Blunkett, and as a representative of the National Union of Mineworkers at Clipstone colliery. Harry was also a councillor on Sheffield City Council for 15 years, holding important cabinet responsibilities in that time, and serving as deputy leader of the council. Harry was a diligent constituency Member of Parliament, who held the Executive to account on behalf of his constituents. Most recently, on Wednesday 20 January, he asked the Prime Minister what support the Government were providing to world-class companies such as Sheffield Forgemasters I must tell the House that Harry informed me a few weeks ago of his circumstances. Let it be recorded that he first fought bravely his illness, and then bore it with stoicism and fortitude, continuing to battle on behalf of his constituents to the very end. Harry will be sadly missed by us all, and our thoughts are with Harry’s wife, Gill, and the wider family at this very sad time.
Supported Housing — House of Commons, 2016-02-08
Topic: Mixed Topics
Questions: What assessment he has made of the potential effect of planned reductions in social rents and housing benefit support on the provision of supported housing.; What assessment he has made of the potential effect of planned reductions in social rents and housing benefit support on the provision of supported housing.
Brandon Kenneth Lewis (Conservative, Centre-right): I associate myself and my colleagues on the Government Benches with your comments, Mr Speaker. Harry Harpham was a very distinguished long-serving councillor and we will all miss him in the years ahead This Government have always been clear that the most vulnerable will be protected and supported through our welfare reforms. Following our review of supported housing, due to report this spring, we will work with the sector to ensure appropriate protections are in place.
Supported Housing — House of Commons, 2016-02-08
Topic: Housing
Questions: What assessment he has made of the potential effect of planned reductions in social rents and housing benefit support on the provision of supported housing.; What assessment he has made of the potential effect of planned reductions in social rents and housing benefit support on the provision of supported housing.; Homeless hostels and foyers play a vital role in helping rough sleepers to get off the streets and into long-term homes. I would be grateful if my hon. Friend could confirm that housing associations will be given urgent clarity on whether the local housing allowance cap applies to those services. If it does not, there is a real worry that many will close and that, as a result, there will be an unnecessary rise in the numbers of young homeless people.
Brandon Kenneth Lewis (Conservative, Centre-right): My hon. Friend always fights hard for his constituents. Preventing youth homelessness is a priority for this Government. We are investing £15 million in the fair chance fund, an innovative payment-by-results scheme. That is helping some 2,000 vulnerable young homeless people to get into accommodation, education, training and employment. We will work closely with providers to find a long-term solution to the funding of supported accommodation.
Property Purchase Schemes — House of Commons, 2016-02-08
Topic: Housing
Gregory David Clark (Conservative, Centre-right): I associate myself with your sentiments, Mr Speaker, about our former colleague, Harry Harpham This Government are committed to increasing home ownership. More than 130,000 households have purchased a home through Help to Buy since 2012. We have just launched London Help to Buy, and I can tell the House that in the first seven days, 15,000 people have registered to take advantage of it. Since April 2010, more than 53,000 homes have been sold to tenants under Right to Buy, and a voluntary Right to Buy scheme will give 1.3 million more families the opportunity to do so.
Property Purchase Schemes — House of Commons, 2016-02-08
Topic: Housing
Christopher John Pincher (Conservative, Centre-right): Bovis Homes, a major employer in my constituency, commends Help to Buy as a tremendous initiative, but we all know that we need more small-scale developers in the supply chain to increase the supply of homes to which Help to Buy can apply. Does my right hon. Friend agree that large-scale developers franchising some of their plots to small and medium-sized developers is one way of getting those small-scale developers into the supply chain?
Property Purchase Schemes — House of Commons, 2016-02-08
Topic: Housing
Gregory David Clark (Conservative, Centre-right): I do agree with my hon. Friend. One of the effects of the financial crash was that many small builders left the industry, and we need to get them back and involved. My hon. Friend has a good idea. The direct commissioning scheme that we have announced, whereby we can carve up public sector land into small plots so that small builders can take advantage of it, will be a big step forward, too.
Property Purchase Schemes — House of Commons, 2016-02-08
Topic: Housing
Gregory David Clark (Conservative, Centre-right): Over the last five years, home ownership, and particularly house building, has been revived from the crash that happened under Labour. The hon. Gentleman should welcome the planning reforms that we made, which have increased planning permissions by 50%. He should welcome the introduction of starter homes to give first-time buyers a foot on the housing ladder. He should welcome the extension of Help to Buy, which has helped so many people to achieve their dream of a home of their own.
Property Purchase Schemes — House of Commons, 2016-02-08
Topic: Housing
Gregory David Clark (Conservative, Centre-right): I do agree with my hon. Friend. In providing homes in all communities for all types of people we need to make sure that we have diversity of tenure, especially in rural areas. My hon. Friend is right.
Property Purchase Schemes — House of Commons, 2016-02-08
Topic: Housing
Gregory David Clark (Conservative, Centre-right): I do not think the hon. Gentleman does a good service to his constituents. He should know that under the combination of Help to Buy and shared ownership, the deposit that a London first-time buyer can be required to pay on the average price paid of £385,000 is as low as £4,800. The hon. Gentleman would do his constituents a service by promoting these schemes to them.
Property Purchase Schemes — House of Commons, 2016-02-08
Topic: Housing
Robert James MacGillivray Neill (Conservative, Centre-right): I welcome my right hon. Friend’s comments about the importance of the small and medium-sized building sector. Does he agree that one of the most damaging things that could happen to that sector’s involvement in London would be the imposition of a 50% affordable housing target across sites, which would have no relation to the viability? As experienced under Ken Livingstone, this would actually drive developers away from bringing sites forward.
Property Purchase Schemes — House of Commons, 2016-02-08
Topic: Housing
Gregory David Clark (Conservative, Centre-right): I completely agree with my hon. Friend. It is not a matter of speculation but a matter of fact, because, as he says, the last Mayor tried that, and the amount of available housing in London fell. We want to provide homes for Londoners. The present Mayor has an exemplary record in providing affordable homes—indeed, homes of all types—ahead of the targets, and the £400 million that is being invested in the 20 housing zones across London is a tribute to his tenacity.