Financial Services Bill — Report (2nd Day) (Continued)

Part of the debate – in the House of Lords at 6:45 pm on 12 November 2012.

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Photo of Lord Flight Lord Flight Conservative 6:45, 12 November 2012

I thank the noble Lord for giving way. It seems clear to me that, whether spoken or unspoken, government policy is to keep unsophisticated investors away from any form of higher risk investment. You do it by the RDR getting rid of the majority of IFAs; you do it by banning the ability to market VCTs-pretty low risk-and EIS to unsophisticated investors. Both of these could be quite small investments. I think the Minister has followed the logic that if that is the policy, it does not fit to say, "Ah, but it is perfectly all right to market a new concept which people will not particularly understand, or understand that they might lose all their money". In the spectrum of risk, it is a relatively high risk investment. As far as I can see, the policy is all over the place.