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Cable to probe McCarthy v Blair clash

LibDem Shadow Chancellor Vincent Cable is to table a Parliamentary question asking why the FSA will not publish the full text of the correspondence between FSA chairman Callum McCarthy and Prime Minister Tony Blair.

Cable says when Parlia- ment returns in October he will be looking to address this “deeply shocking” issue.

Cable says it is in the public interest for the letter from Tony Blair to McCarthy to be published, and the non-disclosure shows ‘extraordinary arrogance’. He says this makes no sense as it paints the regulator in a worse light.

The FSA refused a national newspaper freedom of information request to publish the letter in August claiming it would harm the open and uninhibited relationship between Prime Minister and regulator.

Cable also addressed industry concerns about his plans for a network of free advisers. He says it is an ambitious concept that needs to be tested first to ensure advisers were willing to participate and to ensure that there was no chance of middle-class individuals who could afford to pay taking advantage of free advice.

Cable says: “When Parliament gets back, I will be tabling a question on the subject. It is unbelievable behaviour from the FSA, showing extraordinary arrogance, and is utterly and completely counter-productive.”

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