Session 2005-06, 12 September 2006
Treasury Committee to take evidence on annual report of The Financial Services Authority
The Treasury Committee is announcing today that it will be taking evidence on the 2005-06 Annual Report of the Financial Services Authority (FSA) [see note 2]. This forms part of a regular programme of evidence on the work of the FSA [see note 3].
Questioning during evidence is expected to focus on three themes, namely:
1) The responsiveness of the FSA to the needs of the retail financial services consumer;
2) Progress in relation to the FSA's Better Regulation Action Plan, including recent studies of the costs and benefits of regulation [see note 4];
3) The initial experience of FSA regulation of the general insurance industry [see note 5].
The Committee expects to hear oral evidence from the Association of British Insurers, the Financial Services Consumer Panel and the Retail Financial Services Forum [see note 6] before it takes oral evidence from the Chairman and Chief Executive of the FSA. Dates for the oral evidence sessions will be announced in due course.
The Committee would welcome submissions designed to assist with the Committee's understanding of the matters under consideration and in informing the questioning of witnesses. Written submissions should reach the Committee by 5.00 pm Tuesday 26 September 2006 and should be prepared bearing in mind that the Committee has decided not to investigate individual cases. Evidence should relate specifically to one or more of the themes referred to above and should be prepared in compliance with the guidance given below [see note 7].
Based on past practice, it is not expected that the Committee will prepare a report arising from the evidence taken.
1. Committee Membership is as follows: Rt Hon John McFall (Chairman), Mr Colin Breed, Jim Cousins, Angela Eagle, Mr Michael Fallon (Sub-Committee Chairman), Mr David Gauke, Ms Sally Keeble, Mr Andrew Love, Kerry McCarthy, Mr George Mudie, Mr Brooks Newmark, John Thurso, Mr Mark Todd, Peter Viggers.
2. The annual report of the FSA for 2005-06 is available on the FSA's website at: http://www.fsa.gov.uk/pubs/annual/ar05_06/ar05_06.pdf.
3. The Treasury Committee previously took evidence from the Chairman and Chief Executive of the FSA on matters arising from its annual report for 2004-05 on 8 November 2005. For a transcript of the oral evidence and the accompanying written evidence, see:
4. The FSA published its Better Regulation Action Plan in December 2005. See:
The FSA published a Better Regulation Action Plan Progress Report alongside research on the costs and benefits of regulation on 28 June 2006. See the press notice on the FSA's website which contains links to the publications:
5. The FSA assumed responsibility for regulating the general insurance industry in January 2005. It is currently engaged in a review of the effectiveness of the general insurance regulatory regime. Further details of the FSA's review are given in FSA's press notice published on 19 June 2006 for which see:
6. The Retail Financial Services Group was established in June 2005., partly in response to a recommendation of the Treasury Committee in the previous Parliament. The group aims to promote a dialogue between the financial services industry and consumer groups to highlight emerging problems and promote best practice. The group is currently chaired by Ron Sandler who replaced the previous chairman, Richard Lambert, in July 2006. It is a group of senior executives from the financial services industry and consumer groups. Further information is available from www.rfsgroup.co.uk.
7. Notes for submitters: Please bear in mind that Committees are not able to investigate individual cases. Written evidence should be in Word or rich text format and sent by e-mail to [email protected] The body of the e-mail must include a contact name, telephone number and postal address. The e-mail should also make clear who the submission is from. The deadline is 5.00 pm on Tuesday 26 September 2006. Submissions should be original work, not previously published or circulated elsewhere. Submissions should be in the format of a self-contained memorandum and should not exceed 1,500 words in length. Paragraphs should be numbered for ease of reference, and the document must include an executive summary, ideally no more than one page long. Personal information, such as address and contact details, should be provided separately from the body of your submission. Committees make public much of the evidence they receive during inquiries. If you do not wish your submission to be published, you must clearly say so. If you wish to include private or confidential information in your submission to the Committee, please contact the Clerk of the Committee to discuss this. You should be aware that there may be circumstances in which the House of Commons will be required to communicate information to third parties on request, in order to comply with its obligations under the Freedom of Information Act 2000. Once submitted, no public use should be made of the submission unless you have first obtained permission from the Clerk of the Committee. For further information on evidence to select committees, see the guide for witnesses available at:
8. Press Notice No. 57
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