View the article online at http://citywire.co.uk/new-model-adviser/article/a644675
Tyrie cautions over 'rushed' Financial Services Bill
by Michelle Abrego on Dec 10, 2012 at 16:46
Treasury Select Committee chairman Andrew Tyrie has expressed concern that the most recent amendments to the Financial Services Bill will be added without sufficient scrutiny and debate.
Speaking in the House of Commons, which is set to debate the amendments passed down by the House of Lords later today and tomorrow, Tyrie said that the discussions have come too quickly after the Lords completed its consideration of the Bill last week.
Tyrie warned the Bill was a positive move, but was currently not up to scratch.
'In areas where amendments have been tabled - such as requiring the Bank of England to commission retrospective reviews of its own performance and to publish records of Court meetings - the Financial Services Bill is a step forward. But it still appears to fall short of what is required.
‘We cannot be sure: the House of Commons is being asked to get the Bill on the Statute Book before either the Banking Commission or the Treasury Committee have even had a chance to examine it.
‘This is an object lesson in how not to do it. The result could be a lawyer’s charter.’
He said that the government needed to take the opportunity of the draft Banking Reform Bill to put it in better shape.
'Better still, the government should do what the governor of the Bank of England suggested and produce a fresh Bill, something which the Treasury Select Committee also called for some time ago.'
The members of the House of Lords completed their third reading of the Financial Services Bill where they tabled final amendments on 5 December.
The Bill is now in the House of Commons where the MPs will consider the Lords amendments.
News sponsored by:
Click here to watch a series of sponsored interviews with Jupiter's fund managers on the UK equity market.