Results 441–459 of 459 for speaker:Craig Tracey

Public Bill Committee: Financial Services and Markets Bill: Examination of Witnesses (19 Oct 2022)

Craig Tracey: Q Let me follow up before Charlotte comes in. Where do you see Parliament—not just Government but Parliament—sitting in that process?

Public Bill Committee: Financial Services and Markets Bill: Examination of Witnesses (19 Oct 2022)

Craig Tracey: Q I have a final question. How much of a barrier to investment is the current regulatory framework? We have heard about the time that it takes to get regulated, and the insurance and financial services all-party parliamentary group has had reports on the cost—that it is up to 14 times more expensive to be regulated in the UK. How much of a barrier do your members see that as? Will the Bill...

Public Bill Committee: Financial Services and Markets Bill: Examination of Witness (19 Oct 2022)

Craig Tracey: You mentioned credible regulation before, and I do not think anyone would argue with that. There seems to be a need to have proportionate regulation as well. The FCA confirmed in its evidence that it saw the Singapore regulation as robust, which was good to hear because, on things like insurance-linked securities, they took our regulation, but, because they have this competitiveness duty,...

Public Bill Committee: Financial Services and Markets Bill: Examination of Witness (19 Oct 2022)

Craig Tracey: Q On the technological side of it and the flexibility, do you think there will be a culture shift as a result of the Bill to try and encourage the regulators to be more nimble and flexible?

Public Bill Committee: Financial Services and Markets Bill: Examination of Witnesses (19 Oct 2022)

Craig Tracey: Q Martin, as you alluded to, you gave some powerful evidence to our all-party parliamentary group last year on the poverty premium, which I think was off the back of a report from the FCA that said there were about 27 million people with characteristics of vulnerability. I think most of those were around buying insurance. In the last 12 months, has any progress been made? One of the areas we...

Public Bill Committee: Financial Services and Markets Bill: Examination of Witnesses (19 Oct 2022)

Craig Tracey: Do you have anything to add, Natalie?

Public Bill Committee: Financial Services and Markets Bill: Examination of Witnesses (19 Oct 2022)

Craig Tracey: Q I have one quick follow-up. With that in mind, is the FCA the right one to have a remit for financial inclusion? If not, who should?

Public Bill Committee: Financial Services and Markets Bill: Clause 24 - Competitiveness and growth objective (27 Oct 2022)

Craig Tracey: As ever, it is a pleasure to serve under your chairmanship, Dame Maria. I refer to my interest, which I declared at the start of Committee proceedings. I welcome the Bill, and particularly clause 24 because of its competitiveness duty, for which I have campaigned for quite some time. I would prefer it to be a primary objective, and perhaps the Minister will look into that, but if we keep it...

Public Bill Committee: Financial Services and Markets Bill: Clause 25 - Regulatory principles: net zero emissions target (27 Oct 2022)

Craig Tracey: I will speak specifically to clause 26. It is really welcome that this measure has been brought forward, but I have a big worry that the wording of the clause is open to interpretation. I have therefore tabled a new clause that we will get to later. The main change is to amend the wording in the clause that the regulator has complied with the competitiveness duty, “in its opinion”. I...

Public Bill Committee: Financial Services and Markets Bill: Clause 29 - Matters to consider when making rules (27 Oct 2022)

Craig Tracey: I am very much in favour of financial inclusion, but we have to be careful about how we achieve it. I was an insurance broker before coming here. The reason I left was that the cost of regulation on our business meant that we disappeared from the high street. That meant that vulnerable people had less access to insurance. We see more and more access points moving out, and having to go online,...

Public Bill Committee: Financial Services and Markets Bill: New Clause 18 - Regulators’ reporting requirement: competitiveness and growth objective (3 Nov 2022)

Craig Tracey: I beg to move, That the clause be read a Second time. It is a pleasure to serve under your chairmanship, Mr Sharma. I draw the Committee’s attention to my entry in the Register of Members’ Financial Interests, which I mentioned at the start of our proceedings. The reason I have tabled new clause 18 follows on from comments I made in our earlier sittings, particularly on clauses 24 and 26,...

Public Bill Committee: Financial Services and Markets Bill: New Clause 18 - Regulators’ reporting requirement: competitiveness and growth objective (3 Nov 2022)

Craig Tracey: I thank the Minister for his comments and for offering that meeting, which I will take up. I really believe that it is a very important point. On the basis that I can bring this back later, and with the opportunity for a trip to Bermuda—and some of the other financial institutions around the world that have competitive duties—I am prepared to withdraw. I beg to ask leave to withdraw the...

Public Bill Committee: Financial Services and Markets Bill: New Clause 19 - Regulatory principles to be applied by both regulators: proportionality principle (3 Nov 2022)

Craig Tracey: I beg to move, That the clause be read a Second time. I will try to be brief because I realise that I am the last barrier between us finishing the Bill and being able to return to our constituencies. New clause 19 is a very simple provision. The point is that we need to recognise that not all financial services are the same; they have different levels of sophistication of buyer. The consumer...

Public Bill Committee: Financial Services and Markets Bill: New Clause 19 - Regulatory principles to be applied by both regulators: proportionality principle (3 Nov 2022)

Craig Tracey: I thank my hon. Friend the Member for Wimbledon for making some excellent points that seek to strengthen what we are trying to do. I thank the Minister for his comments, and on the basis of that meeting with him, I beg to ask leave to withdraw the motion.

Treasury: Small and Medium-sized Enterprises (15 Nov 2022)

Craig Tracey: What steps he is taking with Cabinet colleagues to reduce red tape for small and medium-sized enterprises.

Treasury: Small and Medium-sized Enterprises (15 Nov 2022)

Craig Tracey: As a former small business owner in the financial services sector, I know all too well how red tape and disproportionate regulation hamper competitors in the industry, often to the detriment of consumers, particularly those who are vulnerable. The Financial Services and Markets Bill presents a great opportunity to ensure that our world-leading insurance and financial services industry...

Prime Minister: Engagements (23 Nov 2022)

Craig Tracey: I recently took part in the Pitching In campaign, which promotes grassroots sport and celebrates the volunteers who make it possible every week. Will the Prime Minister join me in thanking those volunteers for their incredible work? With top-flight football taking a bit of a break at the moment because of the World cup, will he also join me in reminding people that this is the perfect...

Financial Services and Markets Bill: New Clause 17 - Reporting requirements (7 Dec 2022)

Craig Tracey: I declare an interest as chair of the insurance and financial services all-party parliamentary group. I welcome the Bill as a great opportunity to cement the UK’s position as a leading market for financial services. The London insurance market alone is bigger than all its competitors combined. That is great news, but it also means that it is a target and that it has the most to lose, so it...


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