20th June 2011

Act in haste, repent at leisure? Draft Financial Services Bill

RE: REQUEST FROM J EGERTON, JUSTICE IN FINANCIAL SERVICES

It is the FSMA 2000 that grants the FSA powers that needs to changed/ scrapped because the FSMA 2000 grants the FSA powers that are in many ways unlawful, so much so that the FSA becomes the law! The FSMA 2000 was the child of Brown and now Mark Hoban MP wants to adopt this orphan as it is looking for a new home. After all we have been through and after all the UK have been through you may know that a Draft Bill, “A new approach to Financial Regulation” has been published as part of the recent White Paper.

Joe Egerton is "extremely" concerned that Mark Hoban MP is trying to get this through with undue haste and Joe has written the attached open letter to Sir George Young.

The Commons timetable allows an opportunity to protest at this haste - every Thursday. Joe suggests that you email your MPs attaching Joe's letter with something like this:

Dear MP

I hear that the Treasury is proposing a very tight timetable for the scrutiny of the Draft Financial Services Bill. This is a recipe for legislating in haste and having to repent at leisure - as we are now repenting the haste with which Gordon Brown pushed through FSMA.

Please will you ask for more time from Sir George Young? I believe that the Speaker tries to allow every MP who wants to raise a point at Business Questions to catch his eye and I hope you and as many colleagues as possible will join in vociferous demands that more time is allowed. Otherwise this dog's breakfast of a Bill will cause a lot of trouble in years to come.

I attach a letter that Justice in Financial Services has sent Sir George Young that makes a number of sensible suggestions.

Yours etc

We must be diligent because if things don't change and an element of common sense prevails, we will repent at leisure.

Best regards

SIMON MANSELL
TEMPLE BAR IFA LTD

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