The Association of Independent Financial Advisers (AIFA) is still hopeful of more amendments to the Financial Services Bill, including the reintroduction of a long-stop, after the legislation progressed through its latest stage.
The Bill, which will formally split up the Financial Services Authority and see more power handed to the Bank of England, passed through its House of Commons committee stage yesterday and will now be opened up to all MPs to consider further amendments, before going to the House of Lords. Despite lobbying efforts from AIFA and other organisations and businesses, no members of the committee proposed to reintroduce a long-stop, while attempts to make the regulator more accountable to Parliament also failed. However, Chris Hannant, policy director at AIFA, said there were still more oppo...
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