Speeches by Glen.

“We will be concerned about consumer harm, I am sure.”

“I am just trying to find answers.”

“That is very welcome. I just feel like this issue of the liquidity and desirability of listing on London is something that all Governments have tried very hard to resolve. In truth, I do not think we have yet resolved it. In the context of the macro changes and this Government’s welcome initiatives on some of this, in …”

“But it does not, though, does it? Some 85% of trades are not paying stamp duty, because they are using devices that do not attract it. That is not really a relevant factor.”

“All I am saying, Mr Rathi, is that for the last seven years that I have been engaged in this there have been active consultations. I do not think this is a particularly partisan issue. A third Economic Secretary was appointed last week. There were several under the previous Government. Consultations were undertaken. Lo…”

“Yes, at the end of the day.”

“I wanted to get them all out, so you can respond in one go.”

“I want to move on to liquidity in the London market. The FCA did an occasional paper in May this year, which looked at the corporate bond market and said that it was remaining liquid. I want to look at the equities market, because a lot of people criticise the equities market for not being liquid enough in London, and …”

“With respect, Mr Rathi, the ambiguity between that legal journey and your position until that legal journey concluded is what I am talking about. You and Mr Braviner Roman have been at pains to explain that financial services firms did not do the right thing by the consumer. That is uncontested. What I am trying to get…”

“I am going to ask the final question on this subject, and then I want to move on to something else. That point about the divergence between the legal process and the different stages of it, and your, as the regulator, guidance to the industry, potentially has a chilling effect on the way that firms operate. Is there an…”

“She is on the ball.”

“In the end, a consumer makes a decision about whether the settlement of the distribution of the deposit and the monthly payment is acceptable to them or not. I am concerned that, if we do not reinforce the consumer’s responsibility somewhere in our system, we are going to continually have this situation where the consu…”

“Presumably if they were dissatisfied with the financial settlement of the distribution between the deposit and the payment.”

“In a situation at that time, if the consumer had asked about the arrangements, what would have happened to them in terms of the information they would have got?”

“It is 3% a year, is it? Yes, that is your proposal.”

“Can I probe you on that point specifically, around the quantification of the premium that exists? We are talking about you and the providers having to go back over—this is the point I mean about retrospective—arrangements going back potentially up to 20 years, looking at the financial underpinnings and dynamics of that…”

“I think that I unfairly curtailed the second part of your answer, which was linked to the broader implications of this judgment. Over the last generation, we have seen that if you make many financial investments, you pay the fee transparently up front so that it is not lost in many of those commission-based things. Wha…”

“Mr Rathi, can I back up a minute and talk about the principles here? Over the last generation, we have had this change in the way that people buy a car, and they now basically have a trade-off between the size of the deposit and the size of the monthly payment. It is pretty obvious to most people that, if you put a big…”

“I warmly welcome the new Economic Secretary to her role. Over the summer I looked at issues around liquidity in the London Stock Exchange and the deterioration that has happened. Given that only 15% of share trades attract stamp duty and much more trading is conducted in a dark environment, will the new Economic Secret…”

“A month ago, I met Oliver Robinson from the British Trout Association. The association has produced an excellent report on the trout farming industry in the UK, but Oliver is struggling to get engagement from Department for Environment, Food and Rural Affairs Ministers. I tried to ask the Secretary of State about this …”