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Andrew Tyrie MP warns over government's regulation plans
by Iain Martin on Sep 30, 2010 at 11:06
Arguably the most powerful backbencher in the House of Commons, Conservative MP Andrew Tyrie is a fiercely independent figure.
Tyrie (pictured) has attracted attention for campaigning for victims of Equitable Life and championing the cause of extraordinary rendition.
Now chairing the Treasury Select Committee, Tyrie faces a big challenge in grappling with the coalition government’s plans for the future of regulation, banks and financial institutions.
Chancellor George Osborne cannot expect an easy ride from Tyrie, who has already boosted the committee’s power since taking over the chair in the summer by securing a veto over the appointment and dismissal of the Office for Budget Responsibility chairman.
‘Our job as a committee is to make sure the wider public interest is properly protected and that the government is forced to explain the decision it takes,’ he said.
FSA flawed from the start
Tyrie said the government needed to avoid repeating mistakes made when the Financial Services Authority (FSA) was formed as it re-shapes financial regulation.
He said flaws in the Financial Services & Markets Act, which laid down the foundations of the FSA, were apparent at the outset, arguing it created a vacuum of leadership in financial regulation.
‘I looked at it at the bill stage as legislation came through the house a decade ago,’ he said. ‘I said no one was in charge and it will be found wanting,’
A watchdog needs teeth
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