Westminster News

City braced for a 'vote of no confidence' in its watchdog the Financial Conduct Authority.

 Alex Hawkes, writing for The Mail on Sunday, "City watchdog the Financial Conduct Authority will face fresh humiliation this week as Parliament debates a vote of no confidence in the organisation.  One MP warned that without a Government whip to support the regulator the vote could go against the FCA and damage the reputation of Britain’s financial services." 

Whistleblowers betrayed by the FCA.

James Hurley writes for The Times online,  “The Financial Conduct Authority has been accused of betraying the confidence of whistleblowers by passing on evidence and sensitive information to the high street banks that were the subject of their complaints."  Chairman of the All Party Parliamentary Group for Fair Business Banking, Aberconwy MP Guto Bebb has secured a backbench business debate on the future of the Financial Conduct Authority.  The debate will take place on 1 February 2016.

Barclays, KPMG and the FCA under judicial review.

The Judicial Review into Barclays' IRSA Redress Scheme, which could have consequences for more than 10,000 small and medium sized enterprises, began on Monday, 25 January 2016.  Barclays, along with its compensation reviewer KPMG and the Financial Conduct Authority will be appearing in court as part of the three day hearing.  As the Chairman of the All Party Parliamentary Group for Fair Business Banking, Aberconwy MP Guto Bebb has been leading the campaign to highlight the plight of SMEs which have been affected by the mis-selling of inappropriate financial products.

Guto Bebb – ‘Broadbad’ Report

Aberconwy MP Guto Bebb is a co-signatory to a new report from the British Infrastructure Group of MPs (BIG) revealing that despite £1.7bn of taxpayers’ cash being pumped into subsidising the construction of UK high-speed broadband, there are still a staggering 5.7million people across Britain who cannot access the internet at the Ofcom required 10 Megabits per second.

MPs to debate if FCA is 'fit for purpose'.

Justin Cash, writing for City Wire, “MPs will debate whether the Financial Conduct Authority (FCA) is ‘fit for purpose’ in the House of Commons.  The backbench debate was tabled by Conservative MP for Aberconwy Guto Bebb, and will take place on 1 Feburary.”

MPs to vote on future of FCA.

Peter Walker, writing for the FT Adviser, "The future of the Financial Conduct Authority is set to be debated by MPs in the House of Commons next month.  Guto Bebb, the Conservative MP for Aberconwy, has tabled the motion “this House has no confidence in the FCA”

Guto Bebb calls for debate on Financial Conduct Authority. | Guto Bebb yn galw am ddadl ynghylch yr Awdurdod Ymddygiad Ariannol.

Aberconwy MP Guto Bebb, John Mann MP (Bassetlaw) and Ian Blackford MP (Ross, Skye & Lochaber) appeared before the Backbench Business Committee to ask for a parliamentary debate on the Financial Conduct Authority.  The subject of the motion is That this House believes that the Financial Conduct Authority (FCA) in its current form is not fit for purpose and we have no confidence in its existing structure and procedures.