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Owen Paterson has resigned as MP for North Shropshire after the government performed a U-turn over the controversial blocking of his 30-day Commons suspension for breaching lobbying rules.

Mr Paterson has served as a Conservative MP since 1997, and although departing the Commons from the backbenches, was previously a cabinet minister.

Growing up on his family’s farm in Shropshire, Mr Paterson went on to study history at Cambridge University before joining the National Leathersellers College and joining his family business – British Leather Company.

US Secretary of State Hillary Clinton (R) shakes hands with Britain's Secretary of State for Northern Ireland Owen Paterson (L) at the start of a US-Northern Ireland Economic conference at the State Department in Washington, October 19, 2010. REUTERS/Jonathan Ernst (UNITED STATES - Tags: POLITICS)
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Mr Paterson met then-secretary of state Hilary Clinton when he was Northern Ireland secretary

Before going into politics, the now 65-year-old was president of COTANCE (the Confederation of National Associations of Tanners and Dressers of the European Community).

After an unsuccessful attempt at securing the seat of Wrexham in 1992, he was elected as Conservative MP for North Shropshire five years later with a majority of 2,195.

Mr Paterson increased his majority at every election thereafter, up to 22,949 in the latest 2019 election.

The North Shropshire MP served in the cabinet during the Tory-Lib Dem coalition years – as Northern Ireland secretary from 2010 to 2012, and environment secretary from 2012 to 2014.

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As Northern Ireland secretary, Mr Paterson oversaw the publication and delivery of the Saville Report on the events of Bloody Sunday in January 1972, which led to an apology by then-prime minister David Cameron.

He was also the first cabinet member to publicly oppose the coalition government’s Marriage (Same Sec Couples) Bill, defying both Mr Cameron and ministerial convention.

Secretary of State for Northern Ireland Owen Paterson (L) walks with Britain's Prime Minister David Cameron outside Stormont Castle in Belfast, Northern Ireland, May 20, 2010. REUTERS/Paul Faith/Pool (NORTHERN IRELAND - Tags: POLITICS)
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Owen Paterson with PM David Cameron in 2010 and (below) deputy PM Nick Clegg
(left to right) Secretary of State for Northern Ireland Owen Paterson and Deputy Prime Minister Nick Clegg listen to Labour Party Deputy Leader Harriet Harman speak during Prime Minister's Questions in the House of Commons, London.

In 2014, Mr Paterson was dismissed as environment secretary by Mr Cameron as part of his 2014 reshuffle. He was replaced with Liz Truss, who is now foreign secretary.

In an interview in 2013 about the alleged failure of a badger cull he had been responsible for, Mr Paterson said “the badgers have moved the goalposts”.

Mr Paterson voted and spoke strongly against the fox hunting ban.

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Paterson: ‘I wouldn’t hesitate to do it again’

He has also previously been accused of being a climate change sceptic, having formerly described wind turbines as “ridiculous” and “useless”. He has also supported fracking.

From the backbenches, the North Shropshire MP became a leading supporter of the campaign to leave the European Union and was an outspoken member of the European Research Group (ERG) of Eurosceptic Tory MPs.

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‘Shame’: MPs vote against suspension of ex-minister

In 2015, Mr Paterson and fellow Conservative Brexiteer John Redwood founded the internal pressure group Conservatives for Britain, and formed the backbone of the party’s Leave campaign.

He has also served on many committees during his time as a parliamentarian, including the Welsh Affairs Committee, the European Standing Committee, and the Agriculture Committee.

On 24 June 2020, Mr Paterson’s wife Rose Paterson – who was Aintree’s chairman – took her own life on his birthday.

Publication Party For John Bright: Statesman Orator Agitator at the Great Library the Reform Club Pall Mall St James London Owen Paterson Mp with His Wife Rose
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Mr Paterson, pictured with his late wife Rose

Last month, following a two-year investigation, the parliamentary commissioner for standards found that Mr Paterson had breached the rule prohibiting paid advocacy by making multiple approaches to government departments and ministers for two companies.

Mr Paterson was found to have “repeatedly used his privileged position” to benefit Randox, a clinical diagnostics company, and Lynn’s Country Foods, a meat processor and distributor. The commissioner recommended that he should be suspended from the Commons for a month.

The allegations related to his conduct between October 2016 and February 2020.

Mr Paterson was paid more than £110,000 per year to act as a consultant for the two separate companies.

Former Cabinet minister Owen Paterson in the House of Commons, London, as MPs debated an amendment calling for a review of his case after he received a six-week ban from Parliament over an "egregious" breach of lobbying rules. Picture date: Wednesday November 3, 2021.
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Mr Paterson maintains his innocence after the standards body found he ‘repeatedly’ breached lobbying rules

On Wednesday, Conservative MPs – with the encouragement of Prime Minister Boris Johnson – passed a motion in favour of ignoring Mr Paterson’s month-long Commons suspension.

As part of the backlash, the government was accused of “corruption” in seeking to overhaul parliament’s standards rules in an alleged effort to protect the Tory MP.

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Govt signals sleaze watchdog U-turn

In the face of a huge outcry, the government performed a U-turn in the row on Thursday with the promise of a new vote on Mr Paterson’s suspension.

But, just hours later, the 65-year-old announced his intention to resign from the House of Commons.

Mr Paterson has three children, and in his resignation statement posted on social media, said he had made the decision to stand down from his role after “consultation with my family”.

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South Korea to impose bank-level liability on crypto exchanges after Upbit hack: Report

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South Korea to impose bank-level liability on crypto exchanges after Upbit hack: Report

South Korea is preparing to impose bank-level, no-fault liability rules on crypto exchanges, holding exchanges to the same standards as traditional financial institutions amid the recent breach at Upbit.

The Financial Services Commission (FSC) is reviewing new provisions that would require exchanges to compensate customers for losses stemming from hacks or system failures, even when the platform is not at fault, The Korea Times reported on Sunday, citing officials and local market analysts.

The no-fault compensation model is currently applied only to banks and electronic payment firms under Korea’s Electronic Financial Transactions Act.

The regulatory push follows a Nov. 27 incident involving Upbit, operated by Dunamu, in which more than 104 billion Solana-based tokens, worth approximately 44.5 billion won ($30.1 million), were transferred to external wallets in under an hour.

Related: Do Kwon says five-year US sentence is enough as he faces 40 years in South Korea

Crypto exchanges face bank-level oversight

Regulators are also reacting to a pattern of recurring outages. Data submitted to lawmakers by the Financial Supervisory Service (FSS) shows the country’s five major exchanges, Upbit, Bithumb, Coinone, Korbit and Gopax, reported 20 system failures since 2023, affecting over 900 users and causing more than 5 billion won in combined losses. Upbit alone recorded six failures impacting 600 customers.

The upcoming legislative revision is expected to mandate stricter IT security requirements, higher operational standards and tougher penalties. Lawmakers are weighing a rule that would allow fines of up to 3% of annual revenue for hacking incidents, the same threshold used for banks. Currently, crypto exchanges face a maximum fine of $3.4 million.

The Upbit breach has also drawn political scrutiny over delayed reporting. Although the hack was detected shortly after 5 am, the exchange did not notify the FSS until nearly 11 am. Some lawmakers have alleged the delay was intentional, occurring minutes after Dunamu finalized a merger with Naver Financial.

Related: South Korea targets sub-$680 crypto transfers in sweeping AML crackdown

South Korea pushes for stablecoin bill

As Cointelegraph reported, South Korean lawmakers are also pressuring financial regulators to deliver a draft stablecoin bill by Dec. 10, warning they will push ahead without the government if the deadline is missed.