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Categories:Politics,Regulation

Labour MPs Pearce and McFadden appointed to TSC

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Labour MP’s Pat McFadden and Teresa Pearce have been appointed to the Treasury select committee.

The pair were given the nod for the role in the House of Commons last night. They replace Labour MPs John Cryer and Tom Blenkinsop.

Before becoming MP for Erith and Thamesmead in May 2010 Pearce worked at the Inland Revenue and PricewaterhouseCoopers where she was a senior manager in tax investigations team. She says she wants to use this experience to focus on the tax system.

She says: “Our tax system needs to be fairer and work better. I will make sure the Chancellor and his Treasury are held to account for their tax and economic policies. There is a lot of work that needs to be done highlighting how people at the bottom of the income ladder are being hurt by the Government.”

McFadden has been MP for Wolverhampton South East. He has no financial services experience but was minister for employment relations and postal affairs in the Department for Innovation and Skills from 2007-2010. After the 2010 election he was Shadow Business Secretary until John Denham was given the role in Ed Miliband’s first reshuffle as Labour leader.

He says: “I have not been on a select committee before so I have a lot to learn. I just hope I can make a valuable contribution to the committee’s work.”

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Readers' comments (1)

  • Interesting, given that McFadden wrote the foreward to the Statutory Code of Practice for Regulators, to whit:-

    "The Regulators’ Compliance Code is a central part of the Government’s better regulation agenda. Its aim is to embed a risk-based, proportionate and targeted approach to regulatory inspection and enforcement among the regulators it applies to.

    Our expectation is that as regulators integrate the Code’s standards into their regulatory culture and processes, they will become more efficient and effective in their work. They will be able to use their resources in a way that gets the most value out of the effort that they make, whilst delivering significant benefits to low risk and compliant businesses through
    better-focused inspection activity, increased use of advice for businesses, and lower compliance costs.

    The Compliance Code has been issued with parliamentary approval, following a wide and lengthy consultation process, and comes into force on 6 April 2008 by virtue of the Legislative and Regulatory Reform Code of Practice (Appointed Day) Order 2007.

    I believe that the application of the Code can make a difference on the ground to the regulators, those they regulate, and society in general."

    That having said, he ignored my letter asking why any sort of adherence to it appears to be entirely unenforced, not least in view of the fact that a certain regulatory body has granted itself unilaterally a total opt-out from it.

    Now that he'll be working alongside Andrew Tyrie, perhaps it's time to write a fresh letter of enquiry. I commend other IFA's to do likewise.

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