[Albert Owen in the Chair] — Arch Cru Compensation Scheme

Part of the debate – in Westminster Hall at 10:26 am on 19th October 2011.

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Photo of Naomi Long Naomi Long Alliance, Belfast East 10:26 am, 19th October 2011

The hon. Gentleman is making some strong points. Does he agree that in this crisis it is the failure of the regulatory aspect that has caused the biggest ripples in public confidence? People took the FSA’s regulation of the funds and the advice they were given at face value, which created a level of confidence that did not match the confusion about what was happening within the fund. The FSA has not only failed people but caused a crisis in public confidence.