An MP behind last night’s parliamentary debate on the retail distribution review (RDR) has called on the FSA to rethink the review in light of the opposition expressed by MPs.
Harriett Baldwin, Conservative MP, says the regulator should listen to the growing swell of MPs who are calling for the RDR to be reconsidered.
She says: “When will the FSA finally realise that it cannot keep ignoring the thousands of vital small businesses whose voices are now being heard? It is time for the FSA to come back to the table with a better plan for better regulation.”
She says the fact that over 80 MPs attended the unwhipped debate showed the level of feeling among IFAs
She said: “The RDR has mobilised a vast swathe of small IFAs to contact their MPs and ask for help. The House of Commons saw the full force of this in an historic debate. (article continues below)
“Last night we saw the full force of a new sort of parliament where MPs come to the floor of the House of Commons in their own backbench time and scrutinise financial regulation.”