We need your support to keep TheyWorkForYou running and make sure people across the UK can continue to hold their elected representatives to account.

Donate to our crowdfunder

Clause 30 - Power to take disciplinary measures against recognised bodies

Part of Financial Services Bill – in a Public Bill Committee at 4:00 pm on 8th March 2012.

Alert me about debates like this

Photo of Cathy Jamieson Cathy Jamieson Shadow Minister (Treasury) 4:00 pm, 8th March 2012

I do not wish to detain the Committee unnecessarily, but I shall make one more point in relation to the Minister’s comments. Part of the issue is what is understood by the word “consulting”, which implies to an ordinary member of the public that the regulator is  asking for a view rather than simply notifying people that something will happen. I draw his attention to what the Financial Services Consumer Panel said in contrasting the FSA with its namesake, as it describes it, the Food Standards Agency, which can publish such information as it thinks fit under the Food Standards Act 1999, subject to a narrow list of exceptions. The panel did not believe that the reputational damage caused by a warning notice would be any different from that experienced by anyone else who was subject to that form of prosecution and was subsequently acquitted. However, I do wish to press the amendment.