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Labour: MPs fear TSC will crack under heavy workload

MPs on the joint committee scrutinising the draft Financial Services Bill are concerned the Treasury select committee will not be able to cope with the workload involved in holding the new regulators to account.

Under plans in the bill, the FSA will be replaced by the Prudential Regulation Authority, the Financial Conduct Authority and the Financial Policy Committee in 2013.

Speaking at the Labour party conference in Liverpool this week, Labour MP and joint committee member Nick Brown said: “Enabling Parliament to scrutinise the regulators properly is an emerging issue.”

Speaking to Money Marketing at the conference, Brown says: “The TSC will not be able to handle scrutinising three regulators at once. It is one of the best and most respected committees but we are asking it to do too much. These kind of structural issues must be addressed although the committee does not have the answers yet.”

The TSC has run 18 enquiries this year, six of which are ongoing, and has held 25 public evidence sessions. Before the summer recess there was some disquiet among its members about the workload.


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There are 4 comments at the moment, we would love to hear your opinion too.

  1. John Rawicz-Szczerbo 30th September 2011 at 9:04 am

    It’s about time they earn their salaries and did an honest day’s work for a change.
    Otherwise you end up with the revolting spectacle of Danny Alexander spouting drivel about ‘illegal’ avoidance – I guess that’s evasion in English – whilst keeping within the rules, flipping his second home CGT free.
    Whilst you are about it TSC, get it right this time and do not promote failure.

  2. Well, there is an easy answer. Scrap 90% of the pointless reg-yew-lay-shun, which in any event is largely responsible for the destruction of the financial system, the savings rate, the banking failures and the general trust in financial services (with the exception of IFA’s of course – who are universally trusted by their clients). That’d reduce the workload – of everybody not just the TSC. Mind you there’d be thousands of redundancies in ‘compliance’ and ‘reg-yew-lay-shun’ but that is just recognising the fact that these people are doing pointless jobs now – and consuming tax and wealth.

  3. L is for Labour
    L is for Lice

  4. If they are finding it hard to cope, imagine what we have to put up with when it is implemented in its fundamentally flawed form (as usual because no reality “sense” check (to coin a phrase) has been applied to its relevant parts.

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