Parliament

HOBAN

The government has admitted it is ‘difficult' to ascertain the impact of the LIBOR rigging scandal on consumers and whether banks will have to pay out compensation as a result of it.

MPs on the Treasury Select Committee (TSC) will question financial secretary Mark Hoban on the Money Advice Service (MAS) later this week.

The Association of Independent Financial Advisers (AIFA) has admitted any proposal in Parliament to reintroduce a 15-year complaints long-stop for financial advisers is unlikely to make it on to the statute books.

Plans to allow the new financial regulator to publish warning notices about enforcement action have been branded as "unjust and dangerous" by a Conservative peer.

A Conservative Peer has criticised fellow politicians for failing to question the Retail Distribution Review (RDR) commission ban and warned of the unintended consequences.

Conservative MP Mark Garnier has expressed frustration at the confusion over whether it is politicians or regulators who are responsible for determining if the financial advice industry re-introduces a long-stop on complaints.

The Financial Services Authority (FSA) has promised that one of its replacement bodies, the Financial Conduct Authority (FCA), will not be a retrospective regulator.

Senior FSA executive Andrew Bailey has accused Barclays of operating with a "culture of gaming" which came from top of the bank.

A Conservative MP has criticised the Association of Independent Financial Advisers (AIFA) for failing to fight for its members against a proposed £110m redress scheme for Arch Cru investors.