The House of Lords should scrap the Financial Services Bill in its current format, regulatory consultants Ignacity says.
The company says the Bill is unconstitutional and gives sweeping powers to the FSA. In response, it has launched a campaign to prevent the upper house from passing the Bill as it stands, ahead of its second reading next week. The Financial Services Bill was introduced to the UK parliament to provide a stronger regulatory framework in the wake of the financial crisis and provide greater rights to consumers. But Ignacity says the Bill in its present format gives far too much power to the FSA, enabling the regulator to change the entire financial sector without recourse to Parliament ...
To continue reading this article...
Join Professional Adviser for free
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes