John Mc Fall MP, the chairman of the Treasury Select Committee, has been named Which? Consumer champion of the Year.
Mr McFall was presented with the award at the House of Commons on Tuesday in recognition of his efforts to improve financial services for consumers. Since the financial crisis began in November 2008 the Labour MP for West Dunbartonshire has played a leading role in quizzing bankers, politicians and regulators about the origins of the credit crunch and investigating how to prevent it from happening again.
Confidence in the City is crucial
Speaking at the award presentation, John McFall said: ‘I’m greatly honoured to be receiving this award, and my thanks go out to the members and staff of the Treasury Select Committee who have supported me in my work. This year has been dominated by the banking crisis, which has hit the ordinary person hard.
‘It is crucial that we ensure that trust and confidence in the banking sector is restored. This can only be done by engaging with the public, and I will strive to continue along with Which? to see a fair deal is achieved for consumers.’
Which? chief executive Peter Vicary-Smith said: ‘Under John’s stewardship, the Treasury Select Committee has played an important role in holding banks to account over the financial crisis. In our view, this makes him a worthy winner of the Consumer Champion award for 2009.’
Future of Banking Commission
John McFall has also joined the Which? Future of Banking Commission. The Commission, which was set up in December, aims to put the needs of all consumers at the heart of a reformed banking system. Other members of the Future of Banking Commission include Conservative MP David Davis and the Lib Dem Treasury spokesman Dr Vince Cable. The Commission will meet three times across February and March and will publish its findings in the summer.
Big Banking Debate
In addition Which? members can attend the Big Banking Debate on 4 February from 5pm to 8pm at the Royal Horticultural Halls in London to air their opinions on the financial sector.
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