Financial Services and Markets Appendices to the Minutes of Evidence


Memorandum by Money Management Council

  Response to Government proposals for regulation of services as included in the draft Financial Services and Markets Bill.

  The Money Management Council is the independent financial charity which campaigns for clarity in financial matters to help alleviate the general financial ignorance.

  We have responded briefly to the Joint Committee on Financial Services and Markets as follows:

  Overview. The Council welcomes the statutory objects for FSA to aid public understanding. It believes this is best fulfilled by acting as a facilitator to existing consumer education bodies and initiatives wherever possible.

  1. We were encouraged to see the more precise definition of accountability with the original autonomy being passed more to the Treasury and then to Parliament. The retention of the statutory immunity concurs with our thinking as this provides the strength to operate.

  2. Even after explanations the worry is that the objectives are so wide that there could be a diminution of resources to tackle the major objectives.

  3. We are pleased to see the withdrawal of the option to endorse individual codes and welcome the proposed improvements clarifying the roles of the tribunal and the FSA.

  4. We accept the need to examine the position of other bodies, i.e., Lloyds mortgage advisors and professions currently regulated by RCBs.

  5. We agree with the minor variations being proposed.

  6. We await with interest the evidential code of conduct from the FSA in respect of Market abuse.

30 March 1999

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