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MP calls for an end to FSA&#39s immunity from prosecution

The FSA&#39s statutory immunity from prosecution over misselling and negligence claims should be reconsidered in the light of the split-capital investment trust crisis, according to Conservative MP Andrew Tyrie.

Tyrie, a member of the Treasury select committee, made the comments at this week&#39s committee hearing into the split-cap situation.

He asked Class Law Solicitors partner Stephen Alexander whether he felt the FSA&#39s immunity should be removed.

Alexander replied that, of all the EU member states, only the UK protected its financial regulator in this manner – a situation that should end.

Tyrie also raised the issue with FSA managing director John Tiner, saying the FSA&#39s immunity may lead it to not act vigilantly enough to protect consumers.

When the legislation underpinning the FSA was drafted before Parliament, Tyrie was an arch-cri-tic of the draft, focusing especially on the immunity from prosecution that the new regulator would enjoy.

Tyrie says: “I do not think the FSA should be immune from gross negligence claims. I have always believed that and I stand by it.”

Tiner said: “It is a fact that we have statutory immunity. The question of statutory immunity is not one for us. It is a question for the Government and policymakers to decide.”


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