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Topics: Nick Cann| Stephen Gay| AIFA| IFP| Parliament| FSA| Financial Conduct Authority| PRA (Prudential Regulatory Authority)
Stephen Gay, the director general of the Association of IFAs (AIFA), and Institute of Financial Planning (IFP) chief executive Nick Cann are among those set to discuss the new financial services regulatory regime with MPs this week.
They will be among the witnesses before the Draft Financial Services Bill Joint Committee on Thursday morning, when they will be questioned by backbench MPs and peers.
The Joint Committee has been appointed to begin work on scrutinising the draft Financial Services Bill, which will split the Financial Services Authority (FSA) and establish the Financial Conduct Authority and the Prudential Regulatory Authority.
Other witnesses appearing in the same session will include Guy Matthews, chairman of the FSA Smaller Businesses Practitioner Panel, Adam Phillips, chairman of the Financial Services Consumer Panel and Sir Anthony Holland, the Complaints Commissioner.
Last month, the committee heard from bosses from the Money Advice Service, Financial Services Compensation Scheme and Financial Ombudsman Service.
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Blind leading the blind
Let us hope the latest round of interviews will not be more superficial window dressing for the re-named FSA. Has Mr Gay really studied the draft legislation and thought about the ludicrous way the FSA has drafted more proceedures that enable the "new" FCA to drive a coach and horses through the "accountability" loop holes. How about a NON-EXECUTIVE BOARD of DIRECTORS appointed with Parliamentary approval to oversee the current executive board and make sure they don't extend their "pigs in the trough" bonuses etc they now pay themselves. Its no good having a couple of non-execs on the executive board and hope they will have any influence on the governance and other important decisions. The NON-EXECUTIVE BOARD should then be fully accountable to Parliament with no let outs.
Posted by: Andrew Dickson