An FSA promise to re-visit the absence of a time limit on complaints in financial services "seems to have slipped off the radar", according to MP Mark Garnier, who has pledged to take the regulator to task on the issue.
Garnier was today named as one of the 20 individuals assigned to the Financial Services Bill Committee, which will scrutinise the legislation "line by line". Its first meeting is scheduled for 21 February.
Alongside Harriett Baldwin MP, Garnier was instrumental in airing advisers' concerns about the Retail Distribution Review at a debate in the House of Commons in 2010.
Shortly afterwards, during a Treasury Select Committee (TSC) hearing, FSA chief executive Hector Sants said he would re-visit the issue of the lack of a time bar - or 'long stop' on adviser complaints.
Garnier said the FSA has not, to date, delivered on that promise.
"It's something people are very worried about and, although Hector did say he would look at it, it seems to have slipped off the radar," he said.
"We need to address [this issue] because it does seem unfair that an entire section of society is not afforded that protection."
A long stop on client complaints exists in other fields, including law and accountancy.
Garnier said he would also ensure the committee takes a closer look at powers awarded to the Financial Conduct Authority to publish warning notices issued against regulated businesses, even before final decisions have been reached.
He called for a balance between preventing consumer detriment and protecting business.
"What you don't want to do is have this horrific financial cost to firms as a result of the regulator being a bit cautious about something," he said.
"Also, if too many of these [notices] are published, people will think of it as crying wolf, so there is a requirement to look at it and how it will work in practice."
Membership of the committee
Chairs: Mr George Howarth and Mr Edward Leigh
Members: Karen Bradley, Lorely Burt, Mark Durkan, Chris Evans, Yvonne Fovargue, Mark Garnier, Stephen Gilbert, Sheila Gilmore, Fabian Hamilton, Matthew Hancock, Greg Hands, Mark Hoban, Cathy Jamieson, Chris Leslie, Alison McGovern, Jesse Norman, David Rutley, Alok Sharma.
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20-plus years of consecutive dividend increases
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Will assess regulation