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Bid for more scrutiny of finance bill

A pressure group is lobbying MPs in a bid to extend the time allowed for pre-legislative scrutiny of the draft Financial Services Bill.

Joe Egerton, founder of the pressure group Justice in Financial Services, has written to Commons leader Sir George Young, saying there is a danger that important issues relating to the FOS and FSCS will be overlooked if Parliament is given the proposed scrutiny period of 12 weeks.

Egerton has also called for the scrutiny committee to be allowed to appoint sub-committees to consider different parts of the bill.

He says: “Trying to amend the discredited Financial Services and Markets Act rather than introduce new legislation has made the draft bill something of a dog’s breakfast.

“As the legislative process moves ahead, we could see the same thing happening as was the case with NHS legislation, which started with general support but as more and more difficulties emerged, it had to be revised.”

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