New regulatory structure under pressure

Andrew Tyrie says it is proving difficult to scrutinise the new regulatory structure coming into force next year due to legislation pressure from the Government.

Andrew Tyrie, Chairman of the Treasury Select Committee, has stated that it is proving complicated to scrutinise the new regulatory structure coming into force next year due to Government pressure to legislate.

Consequently, Tyrie has written to the parliament committee to point out areas of particular concern regarding the legislation for the impending regulatory transformation. The letter,  that was sent to the Financial Services Bill chairman Peter Lilley, stated that the two committees should work together to make sure the bill is examined to the fullest extent prior to the changes in 2013.

The letter outlines the 15 specific areas that the TSC would like the committee to inspect and requests a response for the areas it proposes to look at.  The areas to be reviewed are the method which the FOS and FCA will use under the new system to handle complaints, the objectives and role of the FCA and their product intervention powers.

The letter states: “This is a once in a generation opportunity to get the legislative framework right. But this task has been made more difficult by the Government’s determination to legislate early next year, leaving limited time available for scrutiny.”

The letter asks for the joint committee to think about looking at the repercussions for firms having two regulators, the Prudential Regulation Authority and the FCA and whether product intervention powers are too severe. It also requests they look at the culture and accountability of the FCA.

The joint committee expected to publish its report on December 16 following the current undertaking of pre-legislative scrutiny of the draft bill.

 

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