Mark Garnier: “Let’s hope FSA pays attention to parliament”

The FSA has been urged to listen and respond to the views of parliament ahead of tonight’s parliamentary debate on the retail distribution review (RDR).

Mark Garnier
Mark Garnier

Mark Garnier, Treasury select committee member and Conservative MP, says tonight’s debate is a chance for adviser views on the RDR and wider regulation to be heard.

He says: “The debate tonight is a chance for IFAs to have their views put forward, not just RDR, but on financial regulation of IFAs in general. Let’s hope the FSA pays attention to parliament.”

He adds: “IFAs across the country have been calling for a debate on this for years, yet throughout the whole process of RDR, there has been just 30 minutes of debate on this important subject.”

The debate is expected to start at about 7.45pm and it can be watched live on parliament’s website, or the BBC’s democracy live site.

The debate was secured by Harriett Baldwin and Mark Garnier through the backbench business committee after a Westminster Hall debate in October about which Garnier said he had seen “unprecedented” interested.

Garnier and Baldwin have been calling for IFAs to lobby their MPs ahead of the debate. (article continues below)

Andy Love, Treasury select committee member and Labour MP, says he has not been lobbied as a constituency MP but the parliamentary debate shows the level of concern over the RDR.

He says: “I am pleased there will be a debate in the house because that is a reflection of the level of concern out there.”

Last week the Treasury select committee launched a consultation on the RDR and is currently calling for written evidence.

Love adds: “We are going to have a brief session on the RDR because the concerns which have been raised at committee were loud enough to look at this in more detail.”

He says: “While I accept the FSA appears to have addressed the concerns expressed about the things that have gone wrong with the incentive structures, I am not clear whether they have addressed the issue of ensuring we still have a platform to deliver these products to a wide range of the public.” 

Angela Eagle, the Shadow Treasury Chief Secretary, says the debate is coming at the end of a six year process which had a long consultation period at the outset. She says: “I think they should realise a great deal of work has been done in this area.”