House of Commons · Petition P002679
Financial Conduct Authority
20 July 2021
Presented 1 time by 1 MP
Summarised by AI from the official record, so it can contain mistakes.
At a glance
This petition concerning financial conduct authority was presented to Parliament once by 1 MP.
Issue summary
The petition addresses concerns about the Financial Conduct Authority’s (FCA) effectiveness in overseeing financial markets and protecting consumers, highlighting repeated failures that have negatively impacted both individuals and the industry.
Action requested
The House of Commons is asked to urge the Government to ensure the FCA adheres to Section 29 of the Financial Services Act 2021, which aims to create a right of private action for consumers by implementing true duty of care rules.
Key facts
- Residents from Linlithgow and East Falkirk constituency are petitioning.
- The FCA’s consultation is titled “A new Consumer Duty” but does not accurately reflect the legal definition of a duty of care as per Section 29 of the Financial Services Act 2021.
Presentation timeline
MPs presented this petition on the following dates. Each card shows the presenters and any recorded remarks.
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Presented 20 July 2021
Eid Mubarak, Mr Deputy Speaker, to you and everyone. I rise to present a petition on behalf of my constituents in relation to the experiences that many of them have had with the Financial Conduct Authority and their feeling that it is not entirely fit for purpose. The petition states: