A pressure group is lobbying the leader of the House of Commons in a bid to extend the length of time allowed for pre-legislative scrutiny of the draft financial services bill.
Joe Egerton, founder of Justice in Financial Services, has written to Leader of the House of Commons Sir George Young, warning important issues relating to the Financial Ombudsman Service and Financial Services Compensation Scheme will be overlooked if Parliament is only given the proposed scrutiny period of twelve weeks.
Egerton has also called for the scrutiny committee to be allowed to appoint sub-committees to consider different parts of the bill.
Egerton says: “Trying to amend the discredited Financial Services & Markets Act rather than introduce new legislation has made the draft bill something of a dog’s breakfast. As the legislative process moves forward, and more and more MPs and peers come to realise this, we could see the same thing happening as happened to the NHS legislation – it started with general support but as more and more difficulties emerged it had to be revised.’”