Members of Parliament have reached out to consumers to share their opinion about the Financial Conduct Authority.
Conservative MP and chairman of the all-party parliamentary group on Personal Banking and Fairer Financial Services, Peter Gibson, issued a statement calling for evidence about the FCA.
He said the purpose of the statement was to identify aspects of financial services where the “service providers or regulators have not delivered, or are not delivering, excellence and appropriate consumer protection”.
It is to facilitate and encourage all stakeholders to work together to resolve past and present shortcomings, and to bring about positive changes.
Gibson said: “We have developed several sets of questions, each designed to fit a particular context depending on the individual’s circumstances.
“For example, there’s a question set for scam victims, another for whistleblowers, and another for people that have suffered as a result of poor conduct by the banks. There are six question sets in total.”
The question sets are:
- Question Set A, for victims of alleged pension and investment scams
- Question Set B, for victims of bank misconduct toward SMEs
- Question Set C, for victims of financial services misconduct other than investment scams
- Question Set D, for mortgage prisoners
- Question Set E, for financial services whistleblowers
- Question Set F, for other stakeholders
Typically, respondents will reply to just one set of questions, but if applicable more can be replied to.
The evidence and responses are being handled by the APPG’s secretariat and support staff, who will collate the evidence and provide it to the APPG’s members.
Some respondents that initially provide written responses may be invited to be interviewed, whereby a video recording of their testimony is made available to the members of the APPG.
Gibson explained the APPG may consider running a similar exercise about other financial regulators in due course, but for now, it is just the FCA that is in its scope.
He urged only people that have interacted with the FCA should respond.
“Our call for evidence is a positive, progressive and purposeful initiative. The overall objective is to improve our understanding of how the FCA is perceived.
“If the evidence we gather indicates there are problem areas, we can explore those issues further, with a view to proposing evidence-based remedies.
"Ultimately therefore, this initiative may lead to fresh policy thinking and reform, for the benefit for all, including of course the FCA itself.”
He added: “The more responses we have, the more meaningful the analysis will be, so it would be good for all interested stakeholders to not just participate in the exercise but to also help raise awareness of it.”
The APPG has asked for all written responses to be provided by 5pm September 6 and anticipates the call for evidence to be completed by the end of the year.
The FCA has been approached for comment.
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