The Live Wire



Press Release

IMA says the Financial Services Bill provides an opportunity for radical reform

5 September 2011

Responding to the Joint Committee's call for evidence on the draft Financial Services Bill, Richard Saunders, Chief Executive of the IMA, said: “The proposed 'twin peaks' structure has much to commend it, but a number of improvements to the Financial Services Bill are needed.

The Bill must reflect a commitment to a radical re-design of the Financial Services Compensation Scheme and a clear mechanism for holding the new regulators to account. “To ensure the UK is not disadvantaged compared to other locations, the FCA's remit must be extended to include competitiveness. Also, parts of the Bill must be brought up to date and in line with European legislation.

“By empowering the PRA to veto FCA decisions, the prudential strength of banks may be prioritised over consumer protection. Although this may sometimes be appropriate, the PRA's power should be more limited in scope and made more transparent.”

Please click here to read the IMA's Submission to the Joint Committee Call for Evidence on the draft Financial Services Bill.



Press releases, papers and documents published on this page are the intellectual property of an organisation unrelated to Central Lobby. We promote their parliamentary and political campaigning activities as they are subscribers to the Central Lobby service.

As such, Central Lobby does not edit, endorse, or attempt to balance the opinions expressed on this page. The content of press releases and other such types of content are the responsibility of the originating organisation.

Investment Management Association

More from Dods

© Dods Parliamentary Communications Ltd