Mark Garnier

Pension Schemes Bill

The hon. Gentleman makes an incredibly important point about crossing the Rubicon, given that the Government are taking mandation powers to interfere in people’s savings and assets. We are talking about pension funds here, but once that Rubicon is crossed, there is no reason why the Government would not feel that they could start mandating how investment trusts or other types of savings schemes invest. This issue is not just about pensions; it is about the fundamental relationship between the st

Global Trade: Support for Businesses

The Economic Secretary to the Treasury will know that our financial services industry is a shining example of our international economic might. However, overinterpretation of rules and regulations has led to banks being nervous of taking risks, and that has slowed growth in the City and holds up international trade. For example, overinterpretation of anti-money laundering rules means that foreign inward remittances can take up to two weeks to clear into a UK bank account, while poor classificati

Pension Schemes Bill

With the greatest respect, the Minister is talking nonsense. At the end of the day, every trustee has a fiduciary duty to get the best return for their members. By putting in these mandation powers, the Government are fundamentally going against the most basic principle of the City of London, which is dictum meum pactum—my word is my bond. The Government entered into a pact with the industry, and they are now reneging on that pact by introducing mandation and not allowing the industry to move th

State Pension Age Changes: Compensation

When his party was in opposition, the Prime Minister promised compensation for WASPI women, but when faced with the economic reality of the costs, he and the Secretary of State chose common sense over ideology. In the spirit of that pragmatism, may I ask the Pensions Minister also to take a sensible, thoughtful approach to mandation powers in the Pension Schemes Bill, and to remove clause 40 altogether?

Car Insurance Industry: Fraud

It is a great pleasure to serve under you this afternoon, Ms Lewell, and I thank the hon. Member for North Shropshire (Helen Morgan) for securing this important debate. We have heard quite a lot of depressing stories about how people have been scammed and ripped off, and all colleagues will agree that more needs to be done to tackle fraud and spoofing in the car insurance industry. Whether it is crash-for-cash scams, ghost broking or paid ad spoofing, our constituents are all being ripped off on