The row between Prime Min- ister Tony Blair and the FSA shows that the Government is in disarray over the function of the regulator, say Tory and LibDem front-benchers.Conservative Shadow Fin- ancial Secretary Mark Field claims that the contrast between Tony Blair’s “calcu- lated” attack on the regulator in May and the Treasury’s sta- ted view of the FSA as “a beacon of regulation” shows that the Government lacks a coherent strategy on the regulator. Field says Blair needs to show how to break through the technical and legal barriers which stand in the way of lighter regulation before his words in support of greater freedom for businesses can be believed. LibDem Shadow Chancellor Vince Cable echoes Field’s comments on the Government’s position with the FSA. Cable is calling for the publication of the four- page letter which was sent by FSA chairman Sir Callum McCarthy to Blair in resp- onse to the Prime Minister’s outburst. A small part of the letter has been leaked to nat- ional newspapers. Cable says that the FSA’s opposition to the publication of the letter, despite requests under the Freedom of Infor- mation Act, shows “extreme bureaucratic defensiveness”. Field hopes to meet with McCarthy, along with Tory Shadow Chancellor George Osborne, in the autumn to discuss their vision for the regulator, with improving competitiveness at its heart. Field claims that he is getting a growing number of complaints from City prof- essionals about the effectiveness of the FSA and the regulatory burden that is being placed on small business. Field says: “The Government is in disarray over where it stands on the FSA. The reality is that Blair’s words have struck a chord with Money Marketing readers and people in the City but what will he deliver?” Cable says: “Keeping this letter private is utterly bizarre behaviour from the FSA. This is a public debate and the ind- ustry should not be denied access to the argument. What do they have to hide?” A Treasury spokesman says: “The Government as a whole has made clear its support for the FSA and its high regard for the world-class regulation of the industry it provides.”
Buy-To-Let 6.49% Base Rate Tracker
Which? is urging the FSA to significantly increase the fines it imposes on companies found guilty of misselling. In a report this week, the consumer campaign group says it wants penalties to be big enough to alarm institutional investors into putting pressure on companies to prevent future misselling.
The more I read about and use the newly implemented menu, the more I agree with the popular consensus that the whole exercise is a waste of time and money for everyone but, regrettably, most of all for the consumer.
Congratulations to the financial boffins at Virgin Money for coming up with the idea of a 99p coin to free us from unwanted coppers and save the nation 133m in discarded change. The Diary notes that the idea recently reared its head as an election pledge in the 2005 “manicfesto” of the Official Monster Raving […]
Welcome to the latest edition of In Focus. In this issue, Jelf examines the private medical insurance market for employers with expatriate workforces in Germany. This includes the common challenges faced in sourcing appropriate coverage, along with a selection of available solutions. This will be of particular interest to HR/reward decision makers with employees based in Germany. It will assess the cultural norms, risks and backdrop that are relevant to organisations with expatriate staff in this location.
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The curious goings-on in the world of financial services
Experts have played down any immediate moves from the FCA towards those firms that are not prepared for Mifid II regulation that comes into force on 3 January 2018. However, concerns remain that a “material number” of small asset managers have not yet started preparing for the major European regulation. The FCA expects firms to […]
OMGI chief executive and star fund manager Richard Buxton is set to lead a management buyout of the single-strategy funds division of Old Mutual Wealth with the backing of TA Associates. The £550m deal is set to be announced before Christmas, Sky News reports. The buyout is part of Old Mutual’s managed separation, which is […]