Treasury Committee to scrutinise major changes to financial services legislation
The Treasury Committee will scrutinise the Government’s draft Financial Services and Markets Bill at 4pm on Tuesday 11 October.
In a session with the new Financial Secretary to the Treasury and City Minister, Andrew Griffith, the Committee will explore the content of the legislation, which proposes wide-ranging changes to the regulation of the financial services industry in the UK.
Likely areas of questioning
MPs are likely to examine the proposed new ‘call-in power’ that would enable the Treasury to change the regulators rules, whether this could threaten the independence of regulators, and if investment in the UK financial services sector could fall as a result.
Committee members are also likely to question the proposed secondary growth objective for the regulators, and the impact this could have in light of the near collapse of several pension funds in recent weeks.
The Government’s commitment to protecting access to cash will also be explored, as will the impact of the legislation on financial inclusion and reimbursement for victims of fraud.
MPs may also discuss the Government’s proposals for the regulation of cryptoassets.