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Accountability in Financial Regulation
09 February 2023
Lead MP
Marcus Fysh
Debate Type
Adjournment Debate
Tags
Migrants & BordersEconomyBrexit
Other Contributors: 0
At a Glance
Marcus Fysh raised concerns about accountability in financial regulation in the House of Commons. A government minister responded.
How the Debate Unfolded
MPs spoke in turn to share their views and ask questions. Here's what each person said:
Lead Contributor
Opened the debate
The MP discusses the importance of improving financial regulation accountability as part of the UK's post-Brexit plans. He emphasises the need to complete Brexit by replacing the Northern Ireland protocol, addressing illegal immigration via small boats, and removing unnecessary EU-derived laws. The speech focuses on the Financial Services and Markets Bill, highlighting the need for regulators to be accountable under common-law principles, proposing amendments to ensure regulatory decisions can be independently reviewed by courts and tribunals. He argues that this will enhance predictability and competitiveness of UK financial markets and prevent arbitrary decision-making.
Government Response
The Minister acknowledges the importance of financial regulation accountability, highlighting the Government's vision for a globally competitive and technologically advanced financial sector. He notes that the Financial Services and Markets Bill updates regulators' objectives to support UK economic growth. The minister discusses existing mechanisms for judicial oversight and parliamentary scrutiny but emphasises the need for regulatory flexibility and efficiency. He commits to further measures in the Bill to strengthen accountability, including reporting requirements for the FCA and PRA on their performance, and promises ongoing engagement with industry concerns.
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About House of Commons Debates
House of Commons debates take place in the main chamber of the House of Commons. These debates cover a wide range of topics including government policy, legislation, and current affairs. MPs from all parties can participate, question ministers, and hold the government accountable for its decisions.