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Tyrie slams speed of Govt regulatory reforms

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Treasury select committee chair Andrew Tyrie says the Government is legislating too quickly for the upcoming regulatory switch and risks making mistakes as a result.

The TSC is currently running an inquiry into the accountability of the Financial Conduct Authority and is yet to publish a final report. This morning saw the publication of the financial services bill which will set up the FCA and other new regulatory bodies, even though the TSC’s reports are supposed to inform Treasury policy.

Tyrie says: “The fact that the Government has not waited to take account of the committee’s report on FCA highlights concerns that we are legislating too fast. We have to take the time to get this legislation right.”

This is not the first time Tyrie has raised concerns over the speed at which the Government is pushing reforms to the regulatory system through.

In November, Tyrie wrote to Conservative MP and joint committee on draft financial services bill chairman Peter Lilley saying the two committees should co-operate on scrutinising the bill because time pressures made it impossible for each to do it fully on its own. Last March, he said restructuring the regulatory system with “dog-eared amendments” to the Financial Services and Markets Act 2000 instead of starting with a new bill risked failing to fix flaws in the current system.

The Government wants the bill to have passed through Parliament by the end of the year in time for the new regulators to begin operating in early 2013. But, Tyrie says MPs must be given sufficient time to scrutinise the bill.

He says: “This is only the start of the legislative process. Parliament must be given the time to discuss these important issues in detail.”

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Readers' comments (2)

  • Of course, this is the way shown by the FSA. Get your retaliation in first so you can stand at the front of the parade.

    These things are not accidents, the Govt, Treasury, FSA, FCA are all playing a dark and dirty game.

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  • The problem appears to be that the Treasury and its Select Committee appear to have two completely different and apparently conflicting agendas.

    Furthermore, the TSC's efforts to make the FCA more accountable are surely fundamentally thwarted by the fact that the government has already announced that the FCA, like the FSA before it, will be accountable only toi its own board.

    Unless Andrew Tyrie can resolve these fundamental conflicts, the TSC's agenda is going nowhere.

    And why ~ still ~ is no one asking any questions about the FSA's wilful disregard for the Statutory Code of Practice For Regulators? Something that's Statutory is the Law isn't it and, as such, any breaches of it should be enforceable? If Mr Tyrie is concerned about holding the FSA and the FCA to account, then surely the Law enshrined in the Code should be his starting point. The legal requirements of accountability on the part of the FSA, like all other regulatory bodies, already exist. So why isn't the TSC using them?

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