Financial Services Bill Speech
In the Autumn Nick sat on the Scrutiny Committee for the Bill which was set up to check the Government’s plans for financial reform before they formally come to the House of Commons. As part of a panel of MPs and Lords from all parties, Nick used the opportunity to quiz bank chiefs, industry experts, Chancellor George Osborne, former Chancellor Alistair Darling and Bank of England Governor Mervyn King.
In today’s debate Nick said: “The regulatory system should focus on the protection of consumers and the taxpayer.
“There is nothing more frustrating and upsetting for a constituency MP than to know that individual constituents are faced with an injustice and that there is no effective remedy. Such situations occur far too frequently in the financial services sector. One thinks of the present Arch Cru scandal as the latest of a depressingly large number of similar scams.
“I welcome the fact that the Bill gives the Financial Conduct Authority powers to intervene in the case of individual products and their promotion. The Bill allows consumer bodies to make super-complaints to the FCA and facilitates a reform of consumer credit with a view to better protecting consumers. That is welcome too. It is important to ensure, however, that the FCA’s strategic objective is clearly stated.”
You can read the full debate on the Parliament website here.