Investment Banks: Client Protection - Question

Part of the debate – in the House of Lords at 3:22 pm on 13 June 2018.

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Photo of Lord Bates Lord Bates The Minister of State, Department for International Development 3:22, 13 June 2018

This particular point was looked at by Peter Bloxham, as I have just mentioned. He found that the firm’s assets and the client funds are separated, and felt that a case had not been made as to why the creditors of the firm estate should effectively be liable for the costs of the investors’ pool when the administrator is acting to recover their investment. As I said, we keep these matters under constant review, as does the Financial Conduct Authority.