The EU Justice Sub-Committee continues with its inquiry into Brexit: consumer protection rights. Mr Chris Woolard, Executive Director of Strategy and Competition, Financial Conduct Authority, gives evidence at the fifth oral evidence session.
Tuesday 10 October in Committee Room 3, Palace of Westminster
- Mr Chris Woolard, Executive Director of Strategy and Competition, Financial Conduct Authority
Background and topics for discussion
The Financial Conduct Authority (FCA) was established in 2013, and is responsible for regulating the 56,000 businesses that provide financial services in the UK.
Questions will focus on:
- The role the Financial Conduct Authority (FCA) plays in protecting consumers nationally and across the EU’s single market and the role the EU plays in facilitating this task.
- Specific examples of the FCA's role in improving EU consumers' protection rights.
- The extent to which Brexit poses a danger to the FCA's ability to protect UK consumers here and, once we leave, UK consumers that continue to operate within the EU's single market
- Whether there are any particularly important aspects of the EU regulatory framework for financial services and/or consumer protection that the FCA would wish to see retained when the UK leaves the EU.
- Possible concerns that addressing the issue of consumer protection has not, so far, appeared in any detail in the Government's Brexit plans.
- The possible impact the UK’s departure from the EU will have on the remaining Member States’ adherence to current consumer protection standards and any concerns about a post-Brexit reduction in consumer protection standards in the financial sector in the EU 27.