More than 100 MPs have signed a parliamentary motion calling for greater consumer representation on the Financial Services Authority (FSA) board.
The early day motion (EDM 1700) is designed to ensure that the public has a say in how the financial sector conducts itself in the aftermath of the recent banking crisis.
It ‘highlights the importance in the current economic climate of ensuring that the right decisions are taken on issues relating to financial regulation including rewards and renumeration in the sector and therefore urges the FSA to ensure that suitable consumer representation is reflected on the board as a matter of urgency.’
A very popular motion
The number of legislators to put their name to the early day motion, which was tabled by Mark Lazarowicz, MP for Edinburgh North and Leith, rose from 96 to 114 after the Parliament’s summer recess. This makes EDM 1700 one of the most supported motions to be tabled in recent times.
Just 7% of the 2,188 EDMs tabled manage to attract more than 100 signatures. Parliamentary motions are tabled in the hope of prompting a debate on the floor of the House of Commons.
Which? members back the campaign
Consumers can encourage their MP to sign the motion by using the Which? Banking Crisis template email. A list of MPs who have signed up to the motion can be found on the parliament website.
Which? has already been contacted by consumers whose MPs have confirmed that they would be signing the motion in light of the support for this campaign.
Phil Jones, Which? personal finance campaigner, said: ‘The more MPs who sign up, the more pressure we can put on the regulator to ensure that consumers are represented and have a say in the running of the banking sector.’
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