John Glen
MP for Salisbury · Conservative · United Kingdom
“I welcome the Chief Secretary to her new position, but what words of comfort could she give the residents of Salisbury in Wiltshire, a unitary authority? We are not part of a combined authority and we do not have a metro mayor.”
“Sam Moody is my constituent. He is the chief executive of Rockhopper. During my time in this House, he has been absolutely scrupulous in following the laws of this country and respecting the Falkland Islanders.”
“I listened carefully to what the Minister said about the process, and I respect that. But most people who take a pretty level-headed, pragmatic view of the need for a transition over time still cannot get their heads around the short-term reality: when we have so much turmoil in the middle east, why would we extend the time that we are no…”
“It is 55 days till the Budget. Given the market’s reaction to the Prime Minister’s statement on Tuesday, and given that our gilt rates are higher than those of our peers in the G7, could we have a debate on the implications of higher taxes for growth?”
“Before the hon. Lady makes her statement on Thursday, will she, when reflecting on the arrangement in Wiltshire that would embrace Wessex—although we have been told that that is not the Government’s view—address the prevailing concern that the people of rural Wiltshire will be considerably worse off without having the opportunity to embra…”
“I recognise that the Minister wants to come to what the Government are going to do, but does he not accept that the decisions already made in the last two years—with respect to the price of employment and the national living wage, the cost of employment with regard to legislation, and business rates—have depressed the appetite of many sma…”
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“We must continue to provide a safety net for people across the UK, who deserve to have confidence that they will have a pension pot for their retirement. I note that a number of observations were made about the ongoing challenge of dealing with the evolving nature of financial services firms and the sophistication of scams. The Under-Secretary of State for Work and Pensions, my hon. Friend the Member for Hexham, and I are working across Whitehall to bring an effective resolution to this matter. I acknowledge that Members from across the House have supported the principles of the Bill, and I welcome the support that it has received. It will offer some relief to the enormous distress and hardship suffered by LCF bondholders and victims of fraudulent pension liberation schemes.”
“I thank the hon. Gentleman, as ever, for his representations. He has been a determined campaigner for that sector during my tenure. I have regular conversations, at least every six weeks, with the chief executive of the FCA, and we discuss a whole range of matters. I would be very happy to discuss that matter with him when I next speak to him in the next few weeks. As Members from across the House have recognised today, the measure concerning a loan to the board of the Pension Protection Fund, set out in clause 2, is vital to ensure that those defrauded of their pensions by scam pension liberation schemes are able to access the compensation that they deserve. The Bill will ensure that those whose pensions have been unjustly targeted by fraudsters receive their pensions.”
“Throughout the pandemic, the Government have sought to support businesses across the UK. To do this, we have put in place a package of economic support for businesses and individuals worth £352 billion since the start of the pandemic. The Office for Budget Responsibility and the Bank of England have highlighted that without this intervention the UK economy would be significantly worse than it is today.”
“Cornwall hosting the G7 is a fantastic opportunity. I know that my hon. Friend has welcomed this chance to showcase all that Cornwall has to offer. Many organisations in the broader tourism sector have benefited from business grants of over £34 million provided to her constituency of South East Cornwall, as well as business rates holidays and a temporary reduction in the rate of VAT. The Ministry of Housing, Communities and Local Government has recently announced the £56 million welcome back fund to support safe local trade and tourism as economies reopen.”
“My hon. Friend brings a great deal of expertise and experience to this matter. The Government have committed to over £16 billion in business rates support for eligible retail, hospitality and leisure property since April last year. When combined with small business rates relief, this means that three quarters of a million retail, hospitality and leisure properties in England will pay no business rates for the 15 months from 1 April last year. The Government are, however, undertaking a fundamental review of the business rates system and have invited stakeholders to contribute their views and ideas for reform. I know that my hon. Friend will also be very pleased to see the £16.9 million of business grants that his constituents have received.”
“The Treasury has, as my hon. Friend will know, amended the CBILS rules to allow lenders to extend loan terms from six to a maximum of 10 years, and that would assist borrowers in that repayment. CBILS term extension will be offered at the discretion of lenders, unlike pay as you grow options for bounce back loans, because they are different in terms of the guarantees that the Government have offered. Extensions are limited to those borrowers that lenders assess are in difficulty and will benefit from that extension, and only for the duration required. That customised approach, as I am sure he would understand given his vast business experience, is appropriate given the nature and scale of that different intervention.”
“I thank the right hon. Gentleman for his question. I can assure him that this Government are fully committed to examining all those matters through the review process and complying with all requests for information in order to get to the bottom of this matter.”
“The Government have provided £25 billion in cash grants for businesses, and that includes the £5 billion of funding allocated at the March Budget for restart grants and the discretionary additional restrictions grant fund. My right hon. Friend the Business Secretary has been working closely with local authorities to ensure that these grants are delivered as swiftly as possible and directed towards the businesses that have been most impacted by the pandemic.”
“As I have said previously, the Government are committed to co-operating fully with all reviews on these matters. I do not accept what the hon. Lady has said with respect to the schemes that the Government have put forward over the past 14 months. Her constituency has had £16.7 million in business grants and 1,206 bounce-back loans totalling £30 million. In addition, 12,700 of her constituents have benefited from the furlough scheme, and 2,000 have benefited from the self-employed income support scheme. That is a significant contribution to help her constituents.”
“There has been no change in the Treasury’s position since I updated the House in January 2019. The relevant records—the data relating to all payments made under the scheme—are retained, and will continue to be so for as long as that is legal. Contrary to the press reports, there are no plans to destroy records. There is a complaints process provided by the scheme, and those who are not satisfied may take their case to the independent review panel which resolved such cases before closure. Further to the oral evidence session to which my hon. Friend referred, the permanent secretary to the Treasury will be writing to the PAC to provide similar reassurance and clarification. Since the scheme has now closed, there will be no further funding on this matter.”
“Yes, I agree with my hon. Friend. On modern slavery, the landmark provision in section 54 of the Modern Slavery Act 2015 includes institutional investors that fall within the scope of the requirement and meet the criteria requiring them to publish an annual statement.”
“It is an issue I take extremely seriously, but I am afraid that the Government cannot accept this amendment. We must continue to be guided by the facts and the evidence. The FCA’s analysis shows that half the 250,000 borrowers with inactive firms meet the normal risk appetite of lenders and could therefore switch if they chose to without any Government intervention.”
“It also ensures that the FCA will make final rules following that consultation before 1 August 2022. I hope that the establishment of these clear milestones demonstrates the commitment of both the Government and the FCA to delivering better outcomes for financial services consumers. In line with commitments made in the other place regarding Parliament’s scrutiny of the financial services regulators, I can confirm that the FCA will bring its conclusions to the attention of the relevant parliamentary Committees, giving them an opportunity to consider the proposals and, if they choose, to express a view or raise any issues. The FCA will respond to any issues that are raised by parliamentary Committees. I now turn to Lords amendment 8 on mortgage prisoners.”
“Building on this, the FCA will consult in May on clear proposals to raise and clarify its expectations of firms’ actions and behaviours, and on any necessary changes to its principles to deliver this. These proposals will consider how to raise the level of care firms must provide to consumers through a duty of care or other provisions. Ultimately, the proposals in this consultation will seek to ensure that consumers benefit from a better level of care from financial services firms. I have therefore tabled amendment (a) in lieu of Lords amendment 1. This amendment will require the FCA to consult on whether it should make rules providing that authorised persons owe a duty of care to consumers. It ensures that the FCA will publish its analysis of the responses to this consultation by the end of this year.”
“The risk is that many firms may seek to exploit this asymmetry. The FCA is well aware of how informational asymmetries and behavioural biases can influence consumer behaviour, and is committed to ensuring that these issues are addressed where it considers that they may result in harm. The Government therefore support the FCA’s ongoing programme of work in this area and believe that it will deliver meaningful change for the benefit of consumers. The FCA has considered its existing framework of principles, and whether the way in which firms have responded to the principles is sufficient to ensure that consumers have the right protections and get the right outcomes.”
“I will today set out the standards that firms must already adhere to when providing financial services to their customers. These are governed by the FCA’s “Principles for Business”, as well as specific requirements in the handbook. These principles set out how specific requirements on firms work, and they include: “A firm must pay due regard to the interests of its customers and treat them fairly.” The FCA’s enforcement powers allow it to ensure that these standards are met, although the FCA recognises that the level of harm in markets is still too high and is committed to taking further actions. The Government agree with the concerns that were raised in the other place that this harm may in part stem from an asymmetry of information between financial services firms and their customers.”
“Lords amendment 1 before us today proposes that this should be addressed through a requirement on the Financial Conduct Authority to bring forward rules that would place a duty of care on financial services firms in relation to their customers. The Government are committed to ensuring that financial services consumers are protected and that steps are taken quickly to address new issues when they are identified. However, the Government believe that the FCA already has the necessary powers and is acting to ensure that sufficient protections are in place for consumers. The Government therefore cannot accept this amendment, but recognise that Parliament wants to be assured that the FCA’s ongoing work will lead to meaningful change.”
“I am delighted to speak again on the Financial Services Bill following its passage through the other place, where it has been well looked after by my colleagues Earl Howe, Lord True and Baroness Penn. As our first major piece of financial services legislation since leaving the EU, the Bill will enhance the UK’s world-leading prudential standards, protect financial stability, promote openness between the UK and international markets and maintain an effective financial services regulatory framework and sound capital markets. The Bill was thoroughly scrutinised in the other place, with more than 200 amendments tabled across Committee and Report. In total, the Lords made 21 amendments to the Bill. During the passage of the Bill, there has been a lengthy discussion about how best to address issues of consumer harm in the financial sector.”
“In particular, the modified affordability assessment allows active mortgage lenders to waive the normal affordability checks for borrowers with inactive lenders who meet certain criteria—for example, not being in arrears and not wishing to borrow more.”
“The reason these borrowers are unable to switch is not that their mortgage is with an inactive firm but that they do not meet the risk appetite of lenders. They may, for example, have a combination of high loan-to-values, be on interest-only mortgages with no plan for repayment, or have higher levels of unsecured debts, non-standard sources of income or poor credit history. Similar borrowers in the active market are also typically unlikely to be offered deals with new lenders. As I have set out previously, the Government and FCA have undertaken significant work in this area to create additional options that make switching into the active market easier for some borrowers.”
“I thank the hon. Gentleman, as ever, for his contribution. I will go on to explain the situation of the remaining 125,000 individuals who could be categorised in that way, the actions that we have taken to date and what we will continue to look for. If that category can move without Government intervention, they are not “prisoners”. Of the remaining 125,000 who cannot switch, 70,000 are in arrears and therefore could not secure a new deal even if they were in the active market. Those borrowers need to work with their lender to agree an appropriate repayment plan. The remaining 55,000 who are with inactive lenders and are up to date with their payments but who cannot switch are paying on average only 0.4 percentage points more than similar borrowers on reversion rates with active lenders—those with similar characteristics.”
“If the amendment is intended to require the current holders of these mortgages to offer new products, that would require firms that do not currently have the lending expertise, systems or regulatory permissions necessary to offer new mortgage products to do so. However, in opposing the amendment, I reiterate once again my commitment to continue to find further practical and proportionate options for affected borrowers, supported by facts and evidence, as I have over the past three years. Equally, I do not want to give false assurances, or false hope, for the sake of political expediency, especially when it is likely that there is a limit to what further action the Government can take to support such borrowers.”
“It would restrict lenders’ ability to vary rates in line with market conditions—the ability to vary SVRs allows lenders to re-price products to reflect changes to the cost of doing business—and could therefore create risks with significant implications for financial stability. The second part of the amendment would require new fixed-rate deals to be offered to borrowers with inactive lenders, although it is unclear how that is to be achieved. Lending remains a commercial decision based on a variety of factors and it would not be right for the Government to compel lenders to provideproducts for specific groups.”
“Neither of those borrowers has done anything wrong, and both deserve support from their lender and the wider financial system, but the Government cannot possibly agree with the idea that one should be supported by an unprecedented market intervention of this kind, and the other not. Both adhered to the prevailing conditions at the time. I am also concerned that any cap on standard variable rates, including one only applicable to inactive lenders, would have unintended consequences for financial stability. The London School of Economics agreed and did not recommend a cap, noting that it could cause market harm.”
“They borrowed, in some cases, 125% of the property’s value, avoiding the need to save a deposit. Shortly after, their lender failed and had to be nationalised. The second borrower took out their mortgage following the financial crisis, when there were stricter affordability requirements. They saved a deposit of 5% or perhaps even 10%, and then were able to buy their home. Let us say that both those borrowers lost their jobs and now work in lower-paid jobs. They live in an area where property prices have not grown as much as they would have liked. Both try to keep up with their repayments, but ultimately fall into arrears, with the result that neither can easily access new deals.”
“This would be an unprecedented intervention in the mortgage market and is a completely disproportionate approach when the data shows that the 55,000 borrowers to which I referred pay on average 0.4 percentage points more than similar borrowers in the active market. Such drastic Government intervention should not be undertaken lightly, as it could have significant impacts above and beyond the effect that the amendment seeks. That cap would be deeply unfair to borrowers in the active market who are in arrears or unable to secure a new fixed-rate deal, because the cap would not include them. Let us consider two hypothetical borrowers. The first borrower took out their mortgage prior to the financial crisis when, as my hon. Friend said, there were looser affordability requirements.”
“I thank my hon. Friend, who, without equal in this House, has done so much to champion mortgage prisoners. I hope he will carry on working with us as we continue to improve our understanding and the quality of the data that could underpin further interventions. I can reaffirm to the House today that my own, and this Government’s, commitment is as strong as it ever has been to finding further solutions that do not provide false hope to borrowers, but I am afraid that amendment 8 represents neither a proportionate nor practical response on this complex issue. I will address the two sections of the amendment in turn. First, the amendment seeks to cap the standard variable rate, or SVR, that inactive firms charge borrowers.”
“I also hope that I have demonstrated my personal commitment, and the Government’s commitment, to continuing to seek sensible and workable solutions.”
“Recognising the significant constraints that I have noted, I assure the House and the other place that the Government will continue urgently to seek any further solutions that may provide support to borrowers with inactive lenders who are unable to switch, but, as I have said, those solutions must be practical and proportionate. In addition, I am grateful to the active lenders who have come forward to offer options to these borrowers. I am also committing today to write to active lenders to urge them and the wider industry to go even further and look at what more they can do to ensure that as many borrowers as possible benefit from these options. I hope that I have convinced the House that this amendment, in this form, is not the right solution to such a complex issue.”
“The FCA will also review the effect of its recent interventions to remove regulatory barriers to switching for mortgage prisoners and will report on this by the end of November, and I will lay a copy of that review before Parliament. I know that my hon. Friend the Member for Thirsk and Malton, who has done so much excellent work in this area and who champions the cause of mortgage prisoners, may wish to bring proposals sooner than that, and, of course, I have always made myself available to Members across the House to look constructively at any solution that has merit. The Treasury will use the results of the review that I have set out to establish whether further solutions can be found for such borrowers that are practical and proportionate.”
“I would be happy to seek solutions for those mortgage holders of active and inactive lenders, but my hon. Friend must recognise that different individuals have different characteristics: different loan-to-valuation ratios; different credit histories; different income flows; and different histories in their financial situation. Those characteristics cannot be factored out. None the less, I am absolutely committed to this issue and it is in that spirit that I announce today that the Treasury will work with the FCA—that means work with it on a review to its existing data on mortgage prisoners—to ensure that we have further detail on the characteristics of those borrowers who have mortgages with inactive firms and are unable to switch despite being up to date with their mortgage payments.”
“Government amendment (a) made in lieu of Lords amendment 1. Lords amendments 2 to 7 agreed to . Motion made, and Question put, That this House disagrees with Lords amendment 8.— (John Glen.)”
“I believe that this Bill is a key component of a new, broader regulatory strategy that will underpin the UK financial services sector as a genuine world leader now that we have left the European Union. I welcome the speeches from my hon. Friends the Members for Grantham and Stamford (Gareth Davies) and for South Cambridgeshire (Anthony Browne), which exhibited a deep knowledge and a constructive approach to this very sophisticated industry, underpinned with a lot of personal experience. I will take from this debate many points of detail. I do not agree with every point that has been made on Lords amendment 8, but I stand ready to engage with Members across the House to seek to find solutions. I am proud to have been able to lead this Bill through the House. Lords amendment 1 disagreed to .”
“The market must provide better solutions than it can provide at the moment, and I will look carefully at what we can do to ensure that that happens. The hon. Member for Glasgow Central (Alison Thewliss) made a number of points on Lords amendment 1 about the duty of care, and I have set out at length my approach to that, which is again to examine and listen carefully to what the FCA is saying. It will then be obliged to come forward with rule changes. So these are not empty words; they recognise all the work of the charities and organisations that are highlighting this case. Of course, in financial services there is a strong dynamic of change, and the Government and regulators must be ready to step in and make appropriate interventions as that market changes.”
“A number of other colleagues raised similar stories. None the less, I do need to have a proportionate response—a response that can take account of data. I appreciate the excellent work carried out by the all-party group and I recognise its dataset—449 people. None the less, when I am faced with data from the FCA, looking comprehensively at 23,000 cases, I cannot deny that asymmetry. I will commit to continued dialogue to try to find a way forward. Those are not empty words; they reflect the complexity of this matter—a matter that is underpinned by half a generation of different rules and regulations. Before the crisis, people could borrow in ways that today we would think totally unacceptable, and that are indeed unacceptable.”
“It is absolutely clear that we need to get the legislation and the intervention right when it comes to “buy now, pay later”. She rightly asserted the massive growth in that sector and the unfortunate consequences that will certainly befall, and that does befall, a number of consumers. We will work quickly to examine that market and what interventions will meet the need. I am very tempted to address a whole number of points around Lords amendment 8. It is a real priority of mine to find a response that meets the unfortunate situation where people are trapped in very difficult circumstances. I pay tribute once again to my hon. Friend the Member for Thirsk and Malton (Kevin Hollinrake) who made a passionate speech, identifying Louise, a mortgage prisoner, whose personal story was one to which the whole House was sympathetic.”
“I am extremely grateful to all Members who have contributed to this debate. I will not to rehearse the arguments that I made at the outset, but will respond in the right spirit, in the right way, to the constructive and careful analysis that we have had from many Members across the House this evening. Let me start by addressing the right hon. Member for Wolverhampton South East (Mr McFadden). I said to him during the Committee stage that I was always listening. I think that I have proved that to be the case in the way that the Government have responded on the climate change amendment and on “buy now, pay later”. I listened very carefully to the hon. Member for Walthamstow (Stella Creasy) who spoke with characteristic deep knowledge of the sector.”
“I thank Members for their examination of this important piece of legislation, and hope that colleagues will join me in supporting it this evening.”
“This instrument will therefore amend the money laundering regulations to remove references to the EU’s high-risk third countries list and insert a new list of countries identified in schedule 3ZA. This will be the UK’s new autonomous high-risk third countries list. It will mirror exactly the list of countries identified by the Financial Action Task Force as having strategic deficiencies in their anti-money laundering and counter-terrorist financing regimes, and it will keep the UK in line with international standards. The change that I have outlined will allow us to continue to protect businesses and the financial system from those who pose a significant threat, while ensuring that the United Kingdom remains at the forefront of global standards in combating money laundering and terrorist financing.”
“Allow me to explain the background to some of these changes. At present, the definition of a “high-risk third country” in the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 is linked to retained EU law and references the list of countries identified by the European Commission as high risk. This list was previously operated via EU law, which no longer has an effect in the UK. If our legislation is not amended, the list will become outdated and could leave the United Kingdom at risk from those operating in nations with poor money laundering and terrorist financing controls. Furthermore, the United Kingdom will risk falling behind international standards set by the Financial Action Task Force or FATF.”
“These requirements include the need for firms to implement measures to identify and verify the people and organisations with whom they have a business relationship or for whom they facilitate transactions. In addition, the regulations require financial institutions and other regulated sector businesses to carry out greater scrutiny or enhanced due diligence in respect of business relationships and transactions involving so-called high-risk third countries. These are nations that have been identified as having strategic deficiencies in their anti-money laundering and counter-terrorism financing regimes, and that pose a significant threat to the UK’s financial system. The statutory instrument under discussion this evening amends the definition of a high-risk third country in the money laundering regulations.”
“When illicit finance flourishes, so does serious and organised crime, such as people and drug trafficking and terrorism. These are acts that have huge social and economic costs and, of course, cause unimaginable suffering. That is why the Government are focused on making the UK a hostile environment for illicit finance. As part of this work, we have taken significant action to tackle money laundering while strengthening the response of the whole financial system to economic crime. The bedrock of these efforts is the money laundering regulations. This is the legislative framework that sets out a number of requirements that businesses falling under its scope must take to combat money laundering and the financing of terrorism.”
“I beg to move, That the Money Laundering and Terrorist Financing (Amendment) (High-Risk Countries) Regulations 2021 (S.I., 2021, No. 392), dated 24 March 2021, a copy of which was laid before this House on 25 March, be approved. This Government are committed to combating money laundering and terrorist financing and recognise the threat of economic crime to our financial system. Illicit finance risks damaging not only our national security, but our reputation as a global financial centre by undermining the integrity and stability of our markets and institutions. While it is right that we stamp out the scourge of illicit finance for the benefit of the United Kingdom, it is also right that we do so because of our responsibilities to the wider world.”
“He mentioned Companies House reform, on which work is ongoing, and there will be further announcements in due course. The regulations represent the UK’s new approach to high-risk third countries. It will allow the UK to take its own view on which countries are high risk without referencing EU legislation and to remain in line with international standards in the fight against money laundering and terrorist financing. The UK is internationally recognised as having some of the strongest controls worldwide for tackling money laundering and terrorist financing.”
“I thank the right hon. Member for Wolverhampton South East (Mr McFadden) and the hon. Member for Glenrothes (Peter Grant) for the points they raised. I shall try to address some of them. As I outlined earlier, the Money Laundering and Terrorist Financing (Amendment) (High-Risk Countries) Regulations introduce a new autonomous high-risk third countries list, which will ensure that UK legislation to protect the financial system from money laundering and terrorist financing remains up to date. The right hon. Gentleman raised a number of points. He first mentioned the FinCEN files, which are largely historic, but I will write to him about anything further I can on that. I met Spotlight on Corruption recently to be challenged on a number of aspects.”
“I hope that the House has found the debate informative and will join me in supporting this important step to ensure that we have an up-to-date framework to protect the financial system from money laundering and terrorist financing. Question put and agreed to. Business of the House (Today) Ordered, That, at this day’s sitting, the Speaker shall put the Question on the Motion in the name of Keir Starmer relating to the Health Protection (Coronavirus, International Travel) (England) (Amendment) (No.7) Regulations (SI, 2021, No. 150) not later than 90 minutes after the commencement of proceedings on the motion for this Order; the business on that Motion may be proceeded with at any hour, though opposed; and Standing Order No. 41A (Deferred divisions) shall not apply. —(David Duguid.)”
“It provides a collective articulation of 52 actions being taken in both the public and private sectors in the next three years to ensure that UK cannot be abused for economic crime. The hon. Member for Glenrothes mentioned the Cayman Islands. As of the FATF plenary in February 2021, FATF collectively agreed to include the Cayman Islands in its list of jurisdictions under increased monitoring. As that is one of the FATF public lists that the UK autonomous list mirrors, the Cayman Islands will be included in the UK’s list of high-risk third countries. The outstanding issues that the Cayman Islands must address are outlined in FATF’s publicly available statement.”
“In recent years, the Government have taken a number of actions to combat economic crime, including creating a new National Economic Crime Centre to co-ordinate the law enforcement response to economic crime, and passing the Criminal Finances Act 2017, which introduced new powers, including unexplained wealth orders and account freezing orders, and established the Office for Professional Body Anti-Money Laundering Supervision to improve the oversight of anti-money laundering compliance in the legal and accountancy sectors. In 2019, the Government and the private sector jointly published a landmark economic crime plan that outlines a comprehensive national response to economic crime such as fraud and money laundering, as mentioned by the right hon. Gentleman.”
“I thank my hon. Friend for his reasonable question about the updating of the list. The Financial Action Task Force meets three times a year to determine the countries identified on its public lists. As such, the UK’s new autonomous high-risk third countries list could be updated up to three times a year to mirror the decisions made by FATF. We will look at that carefully. FATF monitors the UK—indeed, it did a mutual evaluation of the UK in December 2018 and gave us one of the highest ever rankings—and constantly updates countries who are high risk around the world. I will make a few points in response to the right hon. Member for Wolverhampton South East.”
“The Chancellor regularly engages with his international partners in the G7, the G20 and the Paris Club on debt issues, including private sector participation in debt restructurings, and Treasury officials are also engaging with the private sector on this issue.”