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Labour looks at committee of MPs to oversee regulation

Labour is considering pushing for a new committee of expert MPs to oversee future regulators, according to Shadow Treasury financial secretary Chris Leslie.

Later this year, Parliament will look at Government plans to replace the FSA with the Prudential Regulation Authority and the Financial Policy Committee under the Bank of England and the independent Financial Conduct Authority.

The Bank is accountable to Parliament and senior staff appear before the Treasury select committee but Leslie says the “considerable volume” of regulation means more oversight is needed.

He says: “We definitely need more than the Treasury select committee. When we start pre-legislative scrutiny, we will talk to the authorities of the House to see if such as comm-ittee is the best way of providing extra scrutiny.”

Anand Associates managing director Bhupinder Anand says: “It is a good idea but at the end of the day, few politicians have knowledge of the real world and always have one eye on the opinions of the electorate and party bosses. There needs to be industry input to make it effective.”

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Comments

There are 3 comments at the moment, we would love to hear your opinion too.

  1. Increasingly Frustrated Adviser 13th May 2011 at 9:18 am

    At last a brilliant idea. Lets get a bunch of folk who know little or nothing about FS to oversee another bunch of folk who know even less. Thats gotta work!!

  2. Mark Garnier and Harriet Baldwin will do for starters

  3. Julian Stevens 15th May 2011 at 12:03 pm

    And AIFA’s position on this proposal is……….?

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