New Clause 17 - Reporting requirements

Part of Financial Services and Markets Bill – in the House of Commons at 5:45 pm on 7 December 2022.

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Photo of Andrew Griffith Andrew Griffith The Economic Secretary to the Treasury 5:45, 7 December 2022

My hon. Friend is absolutely right that that is a critical priority. We heard the figures—no one disputes them—about the growing prevalence of fraud, much of which is displacement as people go online. We need to give people the tools to protect themselves and we need to ensure that it is a high priority for those who seek to protect us.

We will empower the public with information. The hon. Member for Kingston upon Hull West and Hessle talked about financial inclusion. As we know, there is a slight difference of opinion, in that the FCA considers that that is already within its remit. It is absolutely something that I would like to see greater transparency on, and perhaps that is somewhere we can make common cause.