Speeches by Grady.

“It is a huge subject. The first question is to Mr Luther. Do firms understand the counterparty risk of AI providers? By that I do not just mean solvency. Do these counterparties have idiosyncratic risks such as the departure of a core team that would be very damaging to ongoing provision of a product?”

“Just very quickly, Ms Mackintosh and Mr Otudeko, is that similar from your perspective and does it reflect your understanding?”

“When it comes to risks, they ultimately sit with the board of directors and the senior managers of the firm. They are the ones who are legally liable and responsible. A lot of these models are black boxes and very complicated. How confident are you that the directors and senior managers of the insurance firms in the UK…”

“How confident are you that boards and senior managers, boards of directors in particular, in firms understand this stuff?”

“If I wrote to the top 20 insurers in Britain and said, “Please can you provide confidentially”—because it would be confidential—“your model risk management policy?” would each of those policies pass muster?”

“Then the other question I would ask is on the outputs from these models, which is coming back to the theme that Mr Glen picked up on. If I am looking for insurance, how is the industry doing at testing the outputs of these models to ensure that they are giving fair and justifiable answers? For example, the insurance pr…”

“On failed Budgets, my constituents go to the shops with terror at the rising prices that followed the Budget of Liz Truss and Kwasi Kwarteng. Does the hon. Gentleman agree that that is the very definition of a failed Budget—one that plunged many of my constituents into poverty?”

“It is a pleasure to serve under your chairship, Ms Butler. I thank my hon. Friend the Member for Glasgow North East (Maureen Burke), who is my neighbour, for securing this important debate. Glasgow has disgraceful levels of absolute poverty, with families who cannot afford the essentials to live: food, heat, school uni…”

“I agree. Local government has been emasculated by the Tory Governments in England and Wales and the SNP Government in Scotland. I must say that they are pretty non-discriminatory in their emasculation, because they have failed to properly fund the SNP council in Glasgow for years. In Scotland, one cause of poverty is t…”

“They increased sentences for knife crime in Glasgow back in the ’90s. Are the sentences high enough?”

“These videos are very different from your standard financial services advert. You can go on and check that people are authorised, regulated and all the rest of it, but following on from Mr Glen’s question, is the way that we are regulating this, in a rules and legal sense, really up to date with what we need to meet th…”

“I suspect my question was not very good. What I was really getting at is whether there is a need for a regulated category of “activity of finfluencers”, or something like that, and specific regulation around it. I do not know the answer, but is that something we are considering?”

“Yes.”

“I think you would agree that these are serious crimes—on the more egregious side—with serious consequences for people. As a bit of context, in my career I saw people getting, for first offences, six years in jail for a robbery involving very little money being stolen. How many prosecutions have there been of finfluence…”

“If I were in my seat in Glasgow East and I said to people that there are 25,000 or so people breaking the law every year, with very serious consequences for old people, vulnerable people and all the rest of it, and there have been five prosecutions, they would say that that is an absolute scandal.”

“On prosecution and deterrence, I think people would say, at least in my former profession, that one reason for increasing the tariff of sentences is that it acts as a deterrent.”

“I think it would be helpful, Dame Meg, to follow up after this with some further questions about law reform and the regulatory framework, but I think we should leave that and proceed—”

“It is a pleasure to serve under your chairship, Mr Twigg. This clause and the other clauses in this chapter are good news for Scotland, because we in Scotland depend on projects in England to proceed. Many projects are cross-border and need consent in both countries. That is important for jobs, particularly jobs for yo…”

“rose—”

“I am grateful. It is a pleasure to serve under your chairship, Mrs Hobhouse. Is the hon. Member disagreeing with the evidence that we heard from Catherine Howard, one of the most eminent planning lawyers in the United Kingdom? Catherine Howard said: “We cannot magic up more comms consultants, lawyers, environmental imp…”