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MP calls for debate on Swiss banks

A Labour backbencher has called for a Parliamentary debate on Swiss financial services firms operating in the UK after two of his constituents lost 2m.

Chairman of the education and skills committee Barry Sheerman told Parliament that his constituents lost the money through a fraudster using Swiss banks Pictet & Cie and Pictet Asset Management.

He said that Swiss banks operating in London are outside the jurisdiction of protections set down by the European Union, so the individuals were unable to get redress.

Sheerman said: “Would my Right Honourable Friend agree that many of the great campaigns in this House start from an injustice to a constituent?”

Leader of the House Jack Straw said: “I will draw his profound concern to the attention of the Financial Secretary to the Treasury and chairman of the FSA. I hope he can raise the matter in debate here.”

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