Consumers will have more of a say on the future of British banking if MPs have their way.
Forty seven legislators have so far signed a parliamentary motion, which has cross-party support, that is designed to ensure that the public concerns are included in discussions on how personal finance issues are handled, in the wake of the banking crisis.
These MPs believe that the consumers’ voice deserves to be at the heart of matters that directly affect them.
They’re calling on the Financial Services Authority (FSA), which regulates the banks, to ensure that the public must have a say in matters that directly affect them.
Supporting your rights
Acknowledging the concerns of Which?, Mark Lazarowicz MP for Edinburgh North and Leith tabled an early day motion on the issue, stating that: ‘This House notes with concern the dominance of people with a financial services industry background on the board of the Financial Services Authority.’
The motion also:
- ‘Acknowledges the concerns of consumer organisations such as Which? that this limits the board’s ability to challenge the application of regulation and supervision by the senior management of the FSA and to promote and represent the interests of ordinary consumers.
- ‘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 remuneration in the sector and therefore urges the FSA to ensure that suitable consumer representation is reflected on the board as a matter of urgency.’
Which? calls for more parliamentary backing
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.
‘Consumers should ask their MP to support this early day motion, so that consumer interests are at the heart of how our banks are run.’
Encourage your MP to sign up
The MPs who have signed up to support the call for more consumer representation on the FSA so far are Mark Lazarowicz, Lynne Jones, Gordon Prentice, David Drew, Kelvin Hopkins, Peter Bottomley, Bob Spink, Paul Holmes, Lindsay Hoyle, Ann Cryer, Ian Davidson, Jim Dobbin, Mark Durkan, Paul Flynn, Hywel Francis, George Galloway, Neil Gerrard, Betty Williams, Nicholas Winterton, John McDonnell, Bill Olner, Michael Clapham, Jeremy Corbyn, Andrew Dismore, Mike Hancock, David S Borrow, Graham Striger, Derek Twigg, Robert N Wareing, Hywel Williams, Ken Purchase, Clare Short , David Heyes, Brian Iddon, Anne McGuire, Adrian Bailey, Tony Baldry, Anne Begg, Lindsay Roy, Helen Southworth, Janet Dean, John Battle, Alan Beith, David Taylor, Keith Vaz, David Anderson and Angus MacNeil.
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