Miss Diane Abbott (Hackney North and Stoke Newington)
As a member of the Treasury Select Committee, I have studied all aspects of financial services regulation, from Lloyd's of London, to home income plans, to pensions misselling. What we need is not more regulation but more effective regulation—which may, in some circumstances, mean less form filling and less bureaucracy. We must get away from what I believe to be a system of regulatory catch-up by the institutions. The board of the PIA is dominated by people who are in the same institutions that are accused of misselling. We need regulation that has the confidence of the consumer, and current regulation does not have that.