View more on these topics

Tyrie tells regulators to resist bank lobbying


Treasury select committee chair Andrew Tyrie has warned regulators to stand firm in the face of a lobbying drive by banks to water down regulation.

The Financial Times reports a speech made by Tyrie in the City of London last night where the MP argued that banks should not be able to circumvent new ringfencing rules which require them to separate their retail and investment banking arms.

Tyrie said: “Regulators should not give in to special pleading from banks in implementing the reforms introduced as a result of the financial crisis.

“In the Banking Reform Act, ‘electrification’ provides reserve powers for the regulator to require full separation of a particular bank if necessary. This puts in statute a strong disincentive for banks to test the limits of the ringfence.”

He argued given UK regulators imposed £1.4bn in fines last year, there were still clearly conduct issues to be dealt with in the banks.

He said: “The plain fact is banks have not had a grip on regulatory and conduct risk for a long time.”

He added: “Time will tell whether the governance problems are soluble. But it would be absurd — on governance grounds — to call off the ringfencing project before it has even started.

“The regulators asked for more powers. They got them. Parliament’s job now is to ensure the regulators don’t inadvertently allow the reforms to be called off before they have been implemented.”


Michael Johnson hits out at ‘vested interests’ of pension Isa critics

Pension Isa architect Michael Johnson has hit out at the pensions industry’s “vested interests” in preserving the current model of tax relief and says radical reform should also tackle public sector schemes. The Centre for Policy Studies research fellow has led calls for the Government to switch from the current exempt-exempt-taxed model to taxing contributions […]


Savers miss out on £100m as annuity shopping around plummets

Shopping around rates have fallen since the introduction of the pension reforms leading to savers missing out on over £100m, new figures show. According to Retirement Advantage research, the difference between the best and worst priced annuities on the £53,500 average-sized pension pot is currently £214 a year. Based on Association of British Insurers data, […]

Nutmeg customers hit by data glitch

Customers of online investment manager Nutmeg have had their personal details and suitability reports sent to the wrong people. The firm says 32 customers were affected by the breach in which their names, addresses and investment details were emailed to the wrong people following a “technical error”, the FT reports. Nutmeg says bank details were […]

Piling in: Advisers must adapt as investors switch to cash and property

Advisers are being urged to review their business models following new evidence that investors are moving away from traditional assets and piling into property and cash. Data compiled by EY shows that cash deposits saw a 17 per cent compound annual growth rate in new business flows between 2010 and 2014. In 2010, new business […]

Show me the money – earnings are central to performance in Europe

Equity markets globally currently remain vulnerable to sharp shifts in sentiment caused by either unexpected or unwelcome outcomes in key upcoming political events (the US and German elections, Brexit and the Italian referendum). These top-down influences, combined with the current low global growth environment, will likely lead to broadly directionless markets, and prolong the current low beta return environment. We do, though, […]


News and expert analysis straight to your inbox

Sign up


There are 3 comments at the moment, we would love to hear your opinion too.

  1. All the time Bank boards are retirement homes for politicians and Banks are the next career move for regulators, nothing will change. More power to Mr Tyrie’s campaign


    John West

  2. First Class MrTyrie!

  3. I wish Andrew was part of the regulators current review. Andrew Tyrie is one of only a few that I trust to complete any requested review fairly and impartially. I might not always like what he says, but at least he stands by his statements and has made his own mind up based on the information.

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