§ 31. Mr. CasaleTo ask the President of the Board of Trade what plans she has to tighten regulations to combat business fraud. [36004]
§ Mr. Ian McCartneyThe Government are strongly committed to tackling business fraud. Last year, the UK played a leading role in bringing the negotiations on the OECD Convention on combating bribery in international business transactions to a successful conclusion. The UK is also playing an active role in negotiations on anti-corruption measures within the European Union and at the Council of Europe. Domestically, a new hotline has been set up to catch disqualified directors and undischarged bankrupts who flagrantly flout the law and, when Parliamentary time allows, my Department intends to introduce legislation to improve the efficiency and effectiveness of the procedure for disqualifying unfit company directors. My Department is also working closely with HM Treasury and the Financial Services Authority in their reform of Financial Services regulation, and a working party is reviewing the current state of regulation in the insolvency profession.