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Categories:Politics,Regulation

The MPs who will scrutinise financial regulation plans

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The MPs who will scrutinise the Financial Services Bill have been announced and are due to meet for the first time on February 21.

The 20 MPs will propose and debate amendments to the bill which will break up the FSA. It will conclude its work by March 20. It will have one month to go through the bill line by line and propose amendments which will then be voted on by the House of Commons.

Conservative MP for Aldershot George Howarth and MP for Gainsborough Edward Leigh will chair the committee. Treasury financial Secretary Mark Hoban, his Parliamentary aide Alok Sharma and his Shadow Chris Leslie are all on the committee, as is shadow economic secretary Cathie Jamieson.

Treasury select committee members and Conservative MPs Mark Garnier and Jesse Norman will contribute as will Labour committee newcomer Teresa Pearce and ex-TSC member and fellow Tory David Rutley.

Conservative MP for West Suffolk Matthew Hancock, who is close to George Osborne will also be a member.

The committee will meet for the first time after next week’s Parliamentary recess.

The other members are Conservative MPs for Staffordshire Moorlands Karen Bradley, for Chelsea and Fulham Greg Hands, Liberal Democrat MPs for Solihull Lorely Burt, for St Austell and Newquay Stephen Gilbert. Labour MPs for Islwyn Chris Evans, for Makerfield Yvonne Fovargue, for Edinburgh East Sheila Gilmore, for Leeds North East Fabian Hamilton and Social Democratic and Labour Party MP for Foyle Mark Durkan.

Once the amendments have been voted on there will be another Parliamentary debate on the bill as it then stands, before a vote decides whether it is passed to the House of Lords.

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Readers' comments (3)

  • Is anyone expecting anything this committee might have to say to make the slightest difference? For one thing, it might not be a bad idea to weave into the new FSMA the provisions of the Statutory Code of Practice For Regulators, thus far totally ignored by the FSA and totally unenforced. Sadly, the TSC appears to be totally oblivious to the very existence of the Code. So much for talking shops, which is about all the TSC seems to be.

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  • With Hoban on the Committee I think we can all guess the outcome.

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  • The Bill isn't going to break up the FSA. All it's going to do is partition it. That aside, the Committee might be well advised to bear in mind the following 10 Commandments for Regulators:-

    1. Thou shalt regulate fairly and equitably, neither favouring nor persecuting one sector of the regulated community over another.

    2. Thou shalt remember at all times that thy resources constitute other peoples' money and must therefore be deployed as efficiently and as cost-effectively as possible.

    3. Thou shalt not reward thine own personnel for failure.

    4. Thou shalt not bear false witness by way of empty and mendacious claims on thy website.

    5. Thou shalt take due account of the legitimate concerns of those whose livelihoods and well being are dependent on thy policies and practices.

    6. Thou shalt accept responsibility for thine own failings and not seek to hold others to account for them in thy place.

    7. Thou shalt not preach one set of principles, standards and ethics to those ye regulate whilst at the same time ignoring those principles, standards and ethics thyself.

    8. Thou shalt act in such a manner as to foster and promote confidence in the activities of those ye regulate, providing appropriate guidance on and assistance with implementation of thy regulatory initiatives.

    9. Thou shalt not seek to perpetuate or to expand thine organisation and its powers for no better reason than their own sake or for thine own aggrandisment.

    10. Thou shalt remember at all times that ye shall be accountable both to those ye regulate, to the wider public and to the government of the land and that ye shall respect the powers and responsibilities vested in ye by those communities.

    How we wish!

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