View more on these topics

Labour MP tells Parliament financial services must reform

Parliament-UK-London-Thames-Building-700x450.jpg

A former Aviva public policy manager has used her maiden speech in Parliament to call for tougher regulation of financial services.

Louise Haigh, who was elected as the Labour MP for Sheffield Heeley last month, said yesterday the attitudes of the City remain unchanged following the recession, and called for further political intervention.

“The culture of excessive pay, short-termism and cavalier risk-taking was demonstrated only last week with yet another case of Libor fixing,” Haigh said.

“While our constituents remain worse off as a continued result of the financial crisis, again I know that this is something we will all aspire to solve.”

However, she added that the Queen’s Speech had offered little suggestion of how the new Conservative Government will set to this task.

She said: “Given that the consequences of the weak recovery will be familiar to all of us – low wages, poor productivity and insecure work – it is incumbent on us all to address the reasons why our financial system is not providing the long-term investment that we need in cities like Sheffield.

“If we are to secure a sustainable economy that delivers benefits for all, we must transform the way our economy works, incentivising investment in green, productive industries and penalising those short-term industries and practices that have done our economy and society such harm.”

Haigh’s comments come as Lloyds Bank was hit with a £117m fine for its handling of complaints for payment protection insurance, while Barclays Bank was last week slapped with a record £284m fine over foreign exchange rate manipulation.

Recommended

FCA logo glass 620x430

FCA hits Lloyds with record £117m fine over PPI complaints

The FCA has fined Lloyds Banking Group a record £117m for failing to properly handle payment protection insurance complaints. The fine, issued against Lloyds Bank and Lloyds subsidiaries Bank of Scotland and Black Horse, is the largest ever retail penalty issued by the regulator. The bank is now reviewing or automatically upholding around 1.2 million […]

Huw_Evans
6

ABI demands regulatory clarity on advice and non-advice

The Association of British Insurers has asked the FCA for urgent clarity on the boundary between advice and non-advice. In a speech at the JP Morgan European Insurance Conference yesterday, ABI director general Huw Evans said many firms would like to offer customers help that goes beyond the Government’s Pension Wise guidance service. He said: “But for […]

Tax year-end planning with the family

From the Technical team at Prudential Let’s face it, many aspects of financial planning involve a lot of technical detail. At our face-to-face events, we’ve had great success bringing these technical topics to life through the use of practical case studies. Meet the family Prudential’s Planning Matters hub brings together a fictional family and explores […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

There is one comment at the moment, we would love to hear your opinion too.

  1. Steven Pearman 5th June 2015 at 12:13 pm

    Surely Louise Haigh should insist that “The culture of excessive pay, short-termism and cavalier risk-taking” is removed from her political party before she throws stones at others. Especially as most of this occurred whilst Gordon & Tony looked the other way.

Leave a comment