Clause 1 - Compensation payments to customers of London Capital & Finance PLC
I beg to move amendment 1, page 1, line 18, at end insert—
“(5) Within six months of this Act coming into force, the Secretary of State must lay before Parliament a report that assesses the impact of the payment of compensation to the customers of London Capital & Finance plc under this section, and in the light of that assessment, sets out the following—
(a) an assessment of the regulatory failures that gave rise to the need to compensate the customers of London Capital & Finance plc;
(b) measures the Government is taking to prevent such regulatory failures in the future;
(c) the reasons why the Government is providing compensation to the customers of London Capital & Finance plc but not the customers of other failed investment firms;
(d) criteria for when the Government should be expected to provide compensation following the collapse of investment firms; and
(e) the reasons for the capping of compensation payments under this section at 80% of what customers of London Capital & Finance would have been entitled to under the Financial Services Compensation Scheme.”