We learn something new every day, Mr Speaker.
Wendy Chamberlain for North East Fife
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Business of the House (Today) | Commons debates
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Business of the House (Today) | Commons debates
That, Mr Speaker, is also my understanding. It is equally my understanding that there is considerable unrest in the House about this matter. Surely in those circumstances, the best thing for the Government to do is to go away and think about how best to allow us to express its view on these matters. Otherwise, we will have a bad-tempered, fractious and inconclusive debate. How can that possibly be in the interests either of the House or indeed of the public?
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Business of the House (Today) | Commons debates
From time to time during my career here, the procedures of the House have stood in the way of its intention. Often on these occasions, the matters have been resolved on the basis of, I suppose, allowing a more mature consideration, and with the Treasury Bench seeking the opportunity to take with it all the disparate opinions within the House, making it clear that nothing is being done that thwarts the will of the House to discuss a matter of such significance as the one under consideration today. Would it not therefore be appropriate for the Treasury Bench to take the opportunity of having more mature consideration and to withdraw this motion, proposing instead one that would meet the aspirations of those who either support or oppose—
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Menzies Campbell Encourages People to be ‘Scam Smart’
North East Fife MP Sir Menzies Campbell is encouraging people in Fife to be ‘Scam Smart’. Sir Menzies is supporting a new awareness campaign which seeks to protect those most at risk of investment fraud.
The Financial Conduct Authority has launched the campaign to warn people about investment fraud and how to spot a potential scam. These scams generally involve cold calling and high-pressure sales techniques for products that don’t exist such as land-banking schemes, carbon credits and rare earth metals. Retired people looking to make investments are often most at risk.
Sir Menzies Campbell with the FCA’s Head of Consumer Communications Emma Stranack at the launch of ‘Scam Smart’ in Westminster
Commenting, Sir Menzies said:
“The average investor in these fraudulent schemes loses £20,000. That can literally be someone’s life savings.
“I am encouraging everyone to become ‘Scam Smart’ and avoid falling victim to this increasingly common crime. These scams are designed to be very convincing but if a deal seems too good to be true, it usually is. Anyone who is considering making an investment should always seek independent financial advice from a regulated professional before making any potentially life-changing decisions.”
​Martin Wheatley, Chief Executive of the FCA said:
“Those operating investment scams use very sophisticated techniques to build trust and can dupe even experienced investors out of their savings.Â
“We would caution against anyone taking a risk on a firm or individual who isn’t authorised by the FCA. Our message is simple, don’t accept a cold call.â€
The average investor loses around £20,000 and the FCA receives around 5,000 calls a year from investors about suspected investment fraud.
The FCA is encouraging anyone who is considering an investment to check its ‘Scamsmart’ website, www.fca.org.uk/scamsmart, and seek independent financial advice from a regulated professional before going ahead.
Key signs that the investment may be a scam:
- ​​You are contacted unexpectedly about an investment opportunity through a cold call, email, or follow up call after receiving a promotional brochure out of the blue
- You are pressured to invest in a time-limited offer, for example, a bonus or discount is promised if you invest before a set date
- The risks to your money are downplayed, for example you are told that you will own assets you can sell yourself if the investment doesn’t work as expected, or legal jargon is used to suggest the investment is very safe
- The returns sound too good to be true, for example, better interest rates than those offered elsewhere
- You are called repeatedly and kept on the phone for a long time
- You are told the offer is only available for a limited time or to a limited group of people.
Investment scams are difficult to spot and are designed to look like genuine investments.
In the last year, the FCA processed 6,593 reports of suspected unauthorised activity, issued 295 consumer warnings and secured the removal of 61 websites promoting suspected boiler rooms.
On 1 April 2013 the FCA became responsible for the conduct supervision of all regulated financial firms and the prudential supervision of those not supervised by the Prudential Regulation Authority (PRA).
The FCA has an overarching strategic objective of ensuring the relevant markets function well. To support this it has three operational objectives: to secure an appropriate degree of protection for consumers; to protect and enhance the integrity of the UK financial system; and to promote effective competition in the interests of consumers.
Find out more information about the FCA.
Public: FCA Consumer Helpline: 0800 1116 768 (freephone)
Website: www.fca.org.uk
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High Court Judgment On Asylum Support
Menzies Campbell has signed EDM99. Motion reads: "That this House notes the High Court judgment of 9 April 2014 (Refugee Action v Secretary of State for the Home Department) which states that the Government's assessment of the amount needed by asylum seekers to meet their essential living needs is flawed and further notes the Government's decision not to appeal this ruling; is concerned as stated in the judgment, that asylum support rates have not been increased since April 2011 and that the majority of those on asylum support receive just £5.23 a day to pay for essentials such as food, clothing and toiletries; further notes that asylum seekers spend an average of 18 months on this support and are almost never allowed to work; believes this is detrimental to the well-being of refugees including children; is particularly concerned that children aged 16 and 17 years are treated as adults for the purposes of asylum support making it difficult to participate fully in education; and calls on the Government to raise asylum support rates to at least 70 per cent of income support - the equivalent of £7.17 a day for most adult asylum seekers - and to increase this in line with inflation annually."
