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Andrew Tyrie blasts Govt for ‘rushed’ Financial Services Bill

Andrew Tyrie 480

Treasury select committee chair Andrew Tyrie has slammed the Government for “rushing” the Financial Services Bill through parliament.

The House of Lords finished its third reading of the bill last Wednesday and today the bill has moved back to the House of Commons for consideration of the amendments made.

Tyrie says “big changes” have been made in the Lords and there must be more than just four days to consider the amendments.

In the Lords, there have been significant amendments on Libor reforms, payday loans, access to financial services and the use of early warning notices.

Tyrie says: “This is an object lesson in how not to do it. The result could be a lawyer’s charter.

“The Government can take the opportunity of the draft Banking Reform Bill to put it in better shape.

“Better still, the Government should do what the Governor of the Bank of England suggested and produce a fresh bill, something which the Treasury committee also called for some time ago.”

The Government launched the bill in March to create the new financial regulatory framework of Financial Conduct Authority and Prudnetial Regulation Suthority under the Bank of England.

There is currently no date for when the final bill will become law but it is in the final stages of parliamentary scrutiny.

Telos Solutions director Richard Farr says: “It is much better to get the law right rather than rush through ill-considered legislation, especially when it is this critical. Any delay would not stop the FSA from practically changing to the FCA and PRA next year.”

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Comments

There are 8 comments at the moment, we would love to hear your opinion too.

  1. Derek Bradley ceo Panacea Adviser 10th December 2012 at 5:34 pm

    I think the lyrics of Gerry Rafferty are the guide; “If you get it wrong you get it right next time”.

    How many times do these words ring in your head with this industry. And, when will we get it right as there may not be a next time for many for some time.

  2. If Mr Tyrie is so concerned about legislative matters then why is he still saying nothing about the FSA’s unilateral opt-out from the Statutory Code of Practice for Regulators which, by virtue of its very name, is supposed to be piece of legislation by which regulators are, by Statute, supposedly obliged to abide? What’s the point of an item of legislation if an organisation such as the FSA is free to ignore it totally and nobody makes the slightest effort to do anything about it?

    You can huff and puff all you like Mr Tyrie but if you have nothing to say about the Statutory Code of Practice for Regulators, then on what basis do you expect anyone to take the slightest bit of notice of anything you may have to say about the FS Bill?

  3. Financial Services Armageddon, here we come.

    It has still not sunk in with the powers that be, the billions of pounds been spent on RDR and other major intended or unintended consequences. Redundancies, in evey area including IT san simple things like stationery supplies to businersses that have folded. 9 days before 100,s if not 1000s of people being deregulated. The arcvhitects of which have left the choas with nice lump sums and secured nice paid jobs with accountants etc. All anyone needs is a chain round there neck saying “Iwas at the FSA” and they are guaranteed employment. i feel also sorry for those people at the FSA at the coal face, who wisj they had never heard of the FSA
    y

  4. Too many lawyers in Parliament, vested interest is the worst bed fellow for legislation. Too late to change things now.

  5. When it all comes down to it the FSA does not like the industry it regulates and is determined to ruin it and cast it into oblivion.

    Nothing new there then

    We who have worked in the industry, especially the IFA sector can only lament at the damage being done to the industry, consumer interests and the country’s economy when the RDR and the new FS bill take effect.

    The combination of years of inadequate and poorly administered regulation, coupled with bad law (FSMA 2000) and the total destruction of our rights under law is now coming to fruition.

    Is it me, or are there forces outside our country manipulating these events with insiders operating in parliament and the regulator to bring about these draconian and damaging changes ??

    Call me paranoid, but it doesn’t mean THEY aren’t out to get us.

  6. Tyrie seems to have a reasonable selection of good ideas, but how must he feel, waking up every day, knowing that he’s going to be treated like a doormat. Nothing he ever comes up with is given any consideration.
    Perhaps he feels more like a rugby ball; kicked into touch every day of his life.

  7. I too feel sorry for Andrew. The Government just ignore him yet he battles on! The trouble is he’s not saying what Cameron wants him to say!

  8. Sounds as if they’re doing something really stupid, knowing it’s really stupid.
    Some might even say “reckless”
    Last one out, please turn off the lights

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