Kevin Hollinrake: What recent steps his Department has taken to protect consumers.
Kevin Hollinrake: Mr Speaker, when you stay at the Woolacombe Bay Hotel, you may be paying 20% too much, because online agencies such as Booking.com use brandjacking clauses to colonise search results, and rate parity clauses, which mean that even if you go direct, you still pay 20% more than you need to. Other EU nations have banned this. Will we?
Kevin Hollinrake: I welcome the economic crime plan, but I do not see any mention of extending the “failure to prevent” offence to include economic crime. Is the Minister still keen to do that?
Kevin Hollinrake: I welcome the economic crime plan, but I do not see any mention of extending the “failure to prevent” offence to include economic crime. Is the Minister still keen to do that?
Kevin Hollinrake: The Minister heard some of my comments about the Financial Conduct Authority and its, at best, quite tepid approach to whistleblowers. What are we to do when, effectively, an agency that is commissioned by the Government does not follow through on its whistleblower obligations?
Kevin Hollinrake: It is a pleasure and an honour to follow the right hon. Member for North Norfolk (Norman Lamb), who has done such incredible work in this area and on the all-party parliamentary group on fair business banking, on which most of my remarks will focus. Many points in his speech resonated with me, particularly when he mentioned a whistleblower who said, “If I knew then what I know now, I never...
Kevin Hollinrake: I support that principle and many other recommendations mentioned by the right hon. Member for North Norfolk. I will be interested to hear from my hon. Friend the Member for Stirling (Stephen Kerr), who chairs the all-party parliamentary group on whistleblowing, when he speaks about his group’s recommendations. I just know that this is something that we have got to get right that we have...
Kevin Hollinrake: I could not agree more. My right hon. Friend highlights the importance of some of these cases. We have to ask why an organisation would not want to know about this. My role before coming to this place four years ago was as managing director of my own business. We were quite a large business at that point. I dealt with all the complaints in the organisation because I wanted to know what was...
Kevin Hollinrake: Yes. I ask myself all the time, “Why is it like this?” and that is one of the reasons—the revolving door. Those people are part of a wider group or club—the old boys’ tie kind of stuff. This cannot be allowed to be the case. As I said, the right hon. Gentleman highlighted a case that was heavily reported where the FCA told RBS who the whistleblower was. That seems absolutely...
Kevin Hollinrake: My hon. Friend is absolutely right. We need to improve how we deal with whistleblowers and the legislation around them. We must also insist that regulators, which already have access to sanctions, deal with these issues robustly. There is a cultural problem in the FCA in dealing with this. That must be addressed, and it can only be dealt with by the leadership of the FCA. The most egregious...
Kevin Hollinrake: My hon. Friend is right. The FCA has a huge opportunity. It should regulate without fear or favour, but that is not where we are. It constantly looks over its shoulder at the banks and seeks to defend their reputation by concealing the truth, rather than robustly investigating these issues. I asked Andrew Bailey four times a simple question in connection with this issue: did he follow the...
Kevin Hollinrake: I think this is about KPMG’s audit of HBOS in 2008, which was signed off a few months before HBOS went bust, despite the fact that the risks to that business were clear. The FRC then gave KPMG a clean bill of health. There was the revolving door between the FRC and the auditors as well. It is a very big concern, which I know my hon. Friend has raised in his Select Committee work.
Kevin Hollinrake: The right hon. Lady pays a very important tribute and makes a very important point about how we can persuade more people to come forward. It has to be about how they are protected and looked after. Looking at other regimes internationally and how they deal with this will be an important first step in reforming our whistleblowing procedures. The big thing I would say about all the issues I...
Kevin Hollinrake: Does the Minister think that the hon. Member for Bootle understands how reliefs work? He said that it was about giving away millions of pounds to corporations. Actually, if a corporation invests on the back of a relief, it still costs that corporation money; it just makes the investment slightly more attractive.
Kevin Hollinrake: The hon. Gentleman was talking about the cost of tax reliefs. Has he worked out the cost to UK business and investment of imposing a policy that would requisition 10% of businesses that have more than 250 employees? I understand that that is Labour party policy.
Kevin Hollinrake: I understand that the hon. Gentleman’s preference was not for making cuts to local authorities over the past few years, and he makes a good case for that. However, faced with the challenge in 2010 of balancing the books against a backdrop of £153 billion annual deficit, where would he have made the cuts?
Kevin Hollinrake: rose—
Kevin Hollinrake: I do not want to upset Mr Deputy Speaker, but this is a very relevant issue, because fracking is part of local planning policy. Can I invite both my hon. Friend the Member for North East Derbyshire (Lee Rowley) and my hon. Friend the Member for Thirsk and Malton (Kevin Hollinrake)—
Kevin Hollinrake: I certainly do not want to debate the matter with you, Mr Deputy Speaker, because you are obviously in the right, but I would just like to invite my hon. Friends to my constituency. I do not believe that fracking will industrialise the countryside. Some 90% of my constituency is covered by petroleum exploration and development licences, and fracking is perfectly compatible with current gas...
Kevin Hollinrake: It is a pleasure to follow the hon. Member for Sheffield South East (Mr Betts), and it has been a pleasure to serve on the Select Committee under his guidance for the last four years. I agree with many of the points he made, particularly the last stuff on cladding. We know that is a much bigger issue than is currently accepted, and we need to deal with it. It is interesting that he talks...