Letter of the week: Tyrie is spot on about City regulator

Terence O'Halloran

They were designed to glean information from experts so that government could make good decisions and deliver appropriate legislation.

Andrew Tyrie MP, chairman of the Treasury select committee, is right when he said that the FSA was not fit for purpose. It never had been. The government has chosen not to listen to him

on that subject nor did it listen to him with regard to Post Office closure.

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MPs and civil servants, it seems, like nothing better than the echoes of their own voices in harmony with the voices of their followers. They would do well to listen to those of us who are engaged in commerce and the people who live real lives.

The financial services regulator is a bureaucratic monolith that has done untold damage to the consumers it was set up to protect. It has all but destroyed the true life assurance and pensions industry, and undermined and evicted those who brought protection to the wider public.

Mr Tyrie is to be congratulated once again for stating what I believe to be the blindingly obvious and what his committee knows to be the truth. The regulatory system is a failure.

Mr Cameron and Mr Osborne take note, your voters are watching.

Terence P O’Halloran

Chartered financial planner, Lincoln