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 Tulip Siddiq Tulip Siddiq Shadow Minister (Treasury) 5:45, 7 December 2022

I thank the Minister for his response, and he is making encouraging noises about the forward strategy, which I look forward to seeing, but I have not yet heard him mention anything about data sharing. The fact is that frauds and scams have moved on from what they might have been in the past. Is he going to give some indication of whether there will be a data-sharing arrangement that goes beyond just banks and takes into account social media companies, crypto-asset firms and other platforms that criminals are exploiting, because our vulnerable constituents are falling prey to frauds and scams? It is no good just going back to the old ways on frauds and scams—I am sure he understands that—so could I hear a bit more about data sharing, please?