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Mark Garnier: "Let's hope FSA pays attention to Parliament"

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The FSA has been urged to listen and respond to the views of Parliament ahead of tonight’s Parliamentary debate on the RDR

Treasury select committee member and Conservative MP Mark Garnier says tonight’s debate is a chance for adviser views on the RDR and wider regulation to be heard.

He says: “The debate tonight is a chance for IFAs to have their views put forward, not just RDR, but on financial regulation of IFAs in general. Let’s hope the FSA pays attention to Parliament.”

He adds: “IFAs across the country have been calling for a debate on this for years, yet throughout the whole process of RDR, there has been just 30 minutes of debate on this important subject.”

The debate is expected to start at about 7.45pm and it can be watched live on Parliament’s website, or the BBC’s democracy live site. Follow updates on the debate through Money Marketing’s twitter page.

The debate was secured by Harriett Baldwin and Mark Garnier through the backbench business committee after a Westminster Hall debate in October about which Garnier said he had seen “unprecedented” interested.

Garnier and Baldwin have been calling for IFAs to lobby their MPs ahead of the debate.

Treasury select committee member and Labour MP Andy Love says he has not been lobbied as a constituency MP but the Parliamentary debate shows the level of concern over the RDR.

He says: “I am pleased there will be a debate in the house because that is a reflection of the level of concern out there.”

Last week the Treasury select committee launched a consultation on the RDR and is currently calling for written evidence.

Love adds: “We are going to have a brief session on the RDR because the concerns which have been raised at committee were loud enough to look at this in more detail.”

He says: “While I accept the FSA appears to have addressed the concerns expressed about the things that have gone wrong with the incentive structures, I am not clear whether they have addressed the issue of ensuring we still have a platform to deliver these products to a wide range of the public.” 

Shadow Treasury Chief Secretary Angela Eagle says the debate is coming at the end of a six year process which had a long consultation period at the outset. She says: “I think they should realise a great deal of work has been done in this area.”

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Readers' comments (13)

  • Going by past experience the FSA whothink they are above the law will probably take no notice of Parkiament or any one else. The FSA should be abolished NOW

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  • A six year consultation process is all very well but, if the FSA refuses to publish for all to see and to debate any of the feedback it's received, then the process itself is little better than a hollow sham with, as usual, the FSA holding all the cards.

    Let us hope that Mark Garnier and Harriet Baldwin, to name but two, do not allow Hector Sants to wriggle out of providing an unambiguous response on this, amongst many other points, not least the FSA's position that an attrition rate of 20% from the IFA sector is, in the view of the FSA, an acceptable price to pay for the largely theoretical benefits claimed for the RDR.

    May we infer Hector's view to be that those who do decide to quit the industry or who are simply driven out, whether they intend to quit or not, are expendable second-raters who'll be no great loss anyway? It certainly sounds that way.

    And what about the vastly increased estimated cost of implementation of the RDR, now somewhere between 233% and 283% of the original figure of £600m. How could the original figure have been so massively wrong?

    Should be an interesting debate!

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  • "Let’s hope the FSA pays attention to Parliament.”

    NO !!!! -- Parliament is not there to "hope" !!

    Parliament is there to lay down the laws of this land.
    The FSA is an affront to our Parliamentary democracy and the sooner it, and any clone of it, are abolished and all future financial law making is brought back under the roof of Parliament, the better.

    What do we want -- a Regulator not some kind of Stasi manipulator !!

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  • Angela Eagle has hit the nail right on the head; the debate is coming at the end of a six year process. How more cost effective would this process have been Ms Eagle if the debate had been held a lot earlier to scrutinise the regulatory requirements for overall cost effectiveness and efficiency. Six years to reach this position is frankly disgraceful and highlights just how difficult it has been for IFAs to have their concerns understood by the FSA.

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  • When the State puts farmers out of business through policies relating to foot and mouth it pays them compensation for their lost business (rightly).

    Could this be an effective method of lobby for IFA's?

    If government thought it would have to put its hands in its pockets to bail out IFA's that the FSA had put out of business for no real reason I suspect that RDR would be finished quickly.

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  • So, the FSA sat down & worked out an accurate cost for the implementation of RDR.

    They sat down & worked out the accurate benefit of the RDR.

    Oh wait a mo, no they didn't, they just guessed on both issues & got it somewhere between 233% and 283% WRONG!!

    Gotta love em eh. If I got my advice that wrong, do you think they'd tell me to press on with it regardless. Hmmmmm!

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  • Yes Ms Eagle, six years of 'work ..... in this area' by the FSA and I understand they are only proceeding with the RDR because to knock it on the head would mean losing face.

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  • It is clear from Angela Eagles that every IFA with concerns over the RDR should be grateful that we have had a change of government.
    It is also very plain to see that her Labour Government was totally responsible for supporting the FSA to deliver this report that has cost so many careers and £hundreds of millions simply to address what a decent CPD programme and the option for clients to choose between commission and fees.

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  • It would not have mattered who the FSA consulted.
    This was a done deal all along.
    The sole raison d'etre of the FSA is the demise of the IFA and their own rise to power together with their banking buddies.
    Now we are told parliament has no power to stop the fsa in its tracks, it can only hope to influence this monster of an organisation.
    How can this be happening in a so called democracy? Britain has the cheek to condemn other nations for their lack of human rights whilst allowing the same to be committed against its own citizens, at the whim of a mad dictator like Herr Sants, who has openly stated that he could not care less about 10 20 30 or more % of IFA's who will exit the industry.
    If the same percentage of any ethnic minority living in this country were forced out of work in this way, there would be a public outcry.
    I am asamed to call myself british.

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  • Nick,isn't it 1% or £1.00 the FSA's accepted tolerance on a mortgage KFI?

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