7th December 2021

IFAA: Panic! MPs discover they can't appeal

I have sent a letter to Mel Stride, the Chairman of the Treasury Select Committee on the Owen Paterson affair. You may note that the arguments surrounding this case was that Mr Paterson had been disciplined “without due process or the right of appeal.

I quote: “Those in financial services may well say welcome to our world. Since the Financial Services and Markets Act 2000, advisers have been exposed to a regulatory system which does not offer any practical appeal process either against disciplinary actions or against the non-legal precepts of the Financial Ombudsman. 
In addition, those who use the Commissioner to complain about the way they have been treated, now find that there is no practicable way of receiving proper compensation for what may be very significant losses. Example – George Patellis.

I presume that the House will resolve this matter by creating a new legislation to ensure that reintroduce the concept of appeal in MP’s affairs. Would it be too much to ask that after 22 years of a regulatory system that avoid both legal principles and appeal for the Treasury Select Committee to discuss the need for a new FSMA to rectify the issue which MPs now discover impact on them?”

It seems that MPs are waking up to their world being much like the FS regulatory system they helped create.

 

Garry Heath MCIM Director General
IFAA

Regulation

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