Baldwin MP helps FCA escape Commons no confidence vote

Her SNP colleague Kirsten Oswald, MP for East Renfrewshire, agreed and made a wider complaint about the Financial Ombudsman Service and the Financial Services Compensation Scheme being part of the problem, rather than part of the solution.

She stated levies and fines should be reviewed.

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“I have particular concerns about the operation of professional indemnity insurance in the IFA sector,” she said, noting when insurers exempt schemes known to be causing concerns that undermines the reality of IFA protection and causes significant problems for them.

Ms Oswald said: “The FCA needs to look at making significant changes to the insurance rules.”