Will the Government’s Financial Services Bill Protect consumers properly?
13 September 2011
The Chief Executive of Which? Chairman of the new European Banking Authority and the Financial Ombudsman were among experts giving evidence to a Joint Committee of MPs and Peers this week. They were asked whether the Bill’s proposed regulatory structures would work alongside EU bodies and adequately protect consumers.
The Joint Committee is scrutinising the Government's draft Financial Services Bill. It heard from the following witnesses.
- On Tuesday 13 September, at 3.30pm, the Committee asked the Chairman of the new European Banking Authority, Andrea Enria about the new EU regulatory structure, the powers of the EU regulatory bodies, and how the regulatory structure proposed in the draft Bill will work alongside the EU bodies.
On Thursday 15 September, the Committee questioned:
- 8.30am, Dr Malcolm Edey, Assistant Governor (Financial System) of the Reserve Bank of Australia, was asked about the Australian experience of twin peaks regulation.
- 9.15am The Committee questioned consumer groups about the lessons that could be learned from the financial crisis, consumer protection, and the provision of personal finance products. The witnesses were: Ms Christine Farnish, Chair of Consumer Focus; Mr Peter Vicary-Smith, Chief Executive of Which?; Ms Gillian Guy, Chief Executive of the Citizens Advice Bureau; Mr Martin Lewis, moneysavingexpert.com; and Mr Paul Lewis, financial journalist.
- 10am The Committee asked the Financial Ombudsman Service and others about issues such as how the draft Bill provides for consumer complaints. Witnesses were: Mr Mark Neale, Chief Executive of the Financial Services Compensation Scheme; Ms Natalie Ceeney, Chief Executive and Chief Ombudsman of the Financial Ombudsman Service; and Mr Tony Hobman, Chief Executive of the Money Advice Service.
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