Labour Shadow Treasury financial secretary Christopher Leslie says the FSA’s lack of accountability over financial services regulation needs to be addressed.
At the Reform conference, Leslie said the widespread concern raised at the recent Parliamentary debate on the RDR had informed his position.
He said: “There is a discussion to be had at some point about the accountability and democratic deficit generally on financial services policy.
“More and more, I am starting to think we need to spend a little bit of time thinking about that because there was a mass of concern from IFAs and their Parliamentary representatives about the specific changes with the RDR.”
Leslie also raised concerns over the democratic deficit during the Parliamentary debate, suggesting the issue should be addressed as the new regulatory architecture is being designed.
He argued that the move away from commission could put people off getting independent advice. He said: “To what extent is that move going to change consumer behaviour? We do not want to reduce people’s propensity to seek independent advice.”