Member

The people giving this advice need to face a penalty of their own. The Financial Conduct Authority has used its powers to regulate this space. Just last month, seven individuals with a combined 4.5 million followers were brought to justice by the FCA for their role in promoting an unauthorised foreign exchange trading scheme. There is no reason why HMRC cannot operate in a similarly direct way if it is given the power to do so, and that means our showing the political will to recognise this problem, not wait for too long to act. Frankly, that is what we did with the payday lenders and buy now, pay later companies. That is why I am asking Members to support new clause 4 and the change that it offers.