More MPs demand consumer representation at FSA Which? personal finance campaign gets boost

02 July 2009

Houses of Parliament

The pre-budget report is released on the 24 November.

A Which? campaign to give consumers more say on how the Financial Services Authority is run has now received the support of more than 60 MPs. 

Mark Lazarowicz, MP for Edinburgh North and Leith, called for the FSA 'to promote and represent the interests of ordinary consumers' in an Early Day Motion tabled in Parliament on 17 June. The parliamentary motion also highlighted 'the importance in the current economic climate of ensuring that the right decisions are taken on issues relating to financial regulation including reward'. Mr Lazarowicz also urged the financial regulator to 'ensure that suitable consumer representation is reflected on the board as a matter of urgency'. 

In just two weeks, the parliamentary motion has attracted cross-party support from 65 MPs. 50 of whom are from Labour's ranks, three are Conservatives and five are Lib Dems. Plaid Cymru, Respect, Scottish National Party, Social Democratic and Labour Party and independent MPs are also backing the motion. 

How consumers can help

Commenting on the growing number of MPs supporting Mark Lazarowicz on this issue, Which? personal finance campaigner Phil Jones said: 'It's essential that consumers are represented on the FSA board. One way to get involved and help achieve this aim is for consumers to contact their MP and ask them to support the Early Day Motion.'

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