Cash Genie

Treasury written question – answered at on 15 July 2019.

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Photo of Sandy Martin Sandy Martin Shadow Minister (Waste and Recycling)

To ask the Chancellor of the Exchequer, what steps have been taken to ensure customers of Ariste Holding Ltd trading as Cash Genie are able to receive the compensation awarded by the Financial Conduct Authority following the company's voluntary liquidation.

Photo of Sandy Martin Sandy Martin Shadow Minister (Waste and Recycling)

To ask the Chancellor of the Exchequer, if he will take steps to ensure that compensation awarded by the FCA from a financial company to their customers cannot be avoided by the company entering voluntary insolvency.

Photo of John Glen John Glen Minister of State (Treasury) (City), The Economic Secretary to the Treasury

This is a matter for the Financial Conduct Authority (FCA), which is operationally independent from Government. The question has been passed on to the FCA. The FCA will reply directly to the member for Ipswich by letter. A copy of the letter will be placed in the Library of the House.

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