New Clause 27 - Money laundering offences: electronic money institutions, payment institutions and deposit-taking bodies

Part of Financial Services Bill – in the House of Commons at 3:45 pm on 13th January 2021.

Alert me about debates like this

Photo of Kevin Hollinrake Kevin Hollinrake Conservative, Thirsk and Malton 3:45 pm, 13th January 2021

Yesterday I was looking at a document written by a former lead analyst in that very market—someone who used to work for PIMCO. He very clearly sets out that the proposed change would have a transformational effect on tens of thousands of mortgage prisoners who will not be helped by any other measure that could be put in place. He says quite clearly:

“Introducing an SVR cap on closed, non-lending books would not disrupt the residential mortgage-backed security market”.

That is a direct contradiction of my hon. Friend’s position.