As I said on Report, it is incumbent on investors to check out investments. If something is paying out 8% when they can get 0.5% from their bank, they must say, “Well, this is more risky than simply putting it in the bank.” We cannot lose sight of that
principle. However, the least we can expect is a regulator that is proactive. In 2015, a number of people were raising concerns about LC&F, including an independent financial adviser who wrote in detail to the FCA to say what was happening at LC&F, but the FCA did nothing for four years, which is totally unacceptable. People deserve a higher standard of regulation.
On the Online Safety Bill, London Capital & Finance spent £20 million on Google advertising. It is clear that platforms are playing a role in this. This was not even seen as a scam. We can argue that it was a scam, but it was to some extent regulated by the FCA. UK Finance has released a report today saying that online scams are now a national security risk. We must take seriously its calls for more action to be taken. The Online Safety Bill must be the right place to legislate to require the platforms to at least establish whether the investment companies—the people who are advertising investments—are bona fide organisations, and not simply people impersonating them.
With that, I will conclude. I am keen to hear the Minister’s words in his summing up.
3.9 pm