View more on these topics

Treasury snubs call to publish FCA minutes

The Government has refused to bow to pressure to take up Lord Turner’s recommendation that the FCA should be required to publish its board minutes.

Last November, FSA chairman Adair Turner told the Treasury select committee he is “quite favourable” to the idea of publishing minutes as long as the rule is not applied retrospectively.

In its report into the accoun tability of the FCA, the TSC backed the idea and asked for it to be written into legislation. In its report, the joint committee on the draft Financial Services Bill said the FCA should be required to publish board minutes as well for bodies such as the consumer and practitioner panels.

But in guidance on the bill, published last week, the Government says it should be for the board to decide.

It says: “While the Government endorses the joint committee’s view that the governance of the FCA should be as transparent as possible and appropriate, it is of the view that operational issues relating to transparency should, in the first instance, be a matter for the FCA board.”

The board is likely to come under serious pressure if it decides not to publish its minutes.The guidance notes the “commitment to transparency” on FCA governance and accountability demonstrated by FSA bosses on the issue.

Conservative MP and TSC member Mark Garnier says given that commitment, it is reasonable to expect the board to publish minutes without the need for legislation.

He adds: “If we get to the other side of all this and the FCA does not publish its minutes, the select committee will give it a hard time and find out what it has to hide.”


Forward thinking

I am delighted that Plutus sees more administration and bigger offices as investments and not as costs – that is the thinking of businesspeople. Far too many advisers would refer to them as costs. There is no doubt in my mind that RDR and its changes are 99 per cent mental and cultural as far […]

Nest we forget

The DWP has asked whether Nest should be the default provider for millions of small pension pots. Are they mad? Just before Christmas, the Department for Work and Pensions issued its promised consultation on short service refunds and small pension pots under automatic enrolment. The consultation looks at various options, one of which is to […]


New regulator to tighten financial promotion rules

New regulatory powers will force financial services firms to make public instances where the regulator has intervened to stop a misleading promotion. The Treasury published its Financial Services Bill guidance last week which sets out the powers of the Prudential Regulation Authority and the Financial Conduct Authority. The FCA will be able to tell a […]

How to use wills to protect your clients’ wishes

March was Free Wills Month! Free Wills Month brings together a group of well-respected charities to offer members of the public aged 55 and over the opportunity to have their simple wills written or updated free of charge by using participating solicitors in selected locations around England and Wales. Research by the Law Society* highlighted that only 64 […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm