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Financial Conduct Authority

EDM number 1047 in 2015-16, proposed by Kirsten Oswald on 01/02/2016.
Categorised under the topics of Financial institutions, Financial services and Regulation.

That this House expresses concern at the continuing failure of regulation enforcement and restoration in the financial services sector; views the Financial Conduct Authority's (FCA) failure to respond effectively to the loss of over £100 million from 1,500 investors in the Connaught Fund and its abandonment of the planned review of banking culture as further evidence of the accuracy of the Treasury Committee's description of the FCA as an agency with deep cultural problems; recognises with particular concern that, even when the Financial Ombudsman's Service (FOS) has awarded compensation investors can face an expensive court action to secure payment, only to find that their adviser has insufficient capital to meet the claim and no indemnity insurance against which the claim can be enforced; notes that when investors are forced to pursue a claim under the Financial Services Compensation Scheme (FSCS) the supposedly final and binding determination of the FOS is set aside and the FSCS reassesses the level of compensation using its own rules and considers there to be mounting evidence that the FCA, FOS and FSCS triumvirate is not fit for purpose.

This motion has been signed by a total of 44 MPs.

Kirsten Oswald01/02/2016East RenfrewshireScottish National PartyProposed
John McNally01/02/2016FalkirkScottish National PartySeconded
Martin Docherty01/02/2016West DunbartonshireScottish National PartySeconded
Chris Stephens01/02/2016Glasgow South WestScottish National PartySeconded
Angela Crawley01/02/2016Lanark and Hamilton EastScottish National PartySeconded
Phil Boswell01/02/2016Coatbridge, Chryston and BellshillScottish National PartySeconded
George Kerevan01/02/2016East LothianScottish National PartySigned
Stewart Hosie01/02/2016Dundee EastScottish National PartySigned
Roger Mullin01/02/2016Kirkcaldy and CowdenbeathScottish National PartySigned
Brendan O'Hara01/02/2016Argyll and ButeScottish National PartySigned
Gavin Newlands01/02/2016Paisley and Renfrewshire NorthScottish National PartySigned
Jonathan Edwards02/02/2016Carmarthen East and DinefwrPlaid CymruSigned
Jim Shannon02/02/2016StrangfordDUPSigned
Martyn Day02/02/2016Linlithgow and East FalkirkScottish National PartySigned
Liz Saville Roberts02/02/2016Dwyfor MeirionnyddPlaid CymruSigned
Ian Blackford02/02/2016Ross, Skye and LochaberScottish National PartySigned
Joanna Cherry02/02/2016Edinburgh South WestScottish National PartySigned
Mark Durkan02/02/2016FoyleSocial Democratic and Labour PartySigned
Alan Meale02/02/2016MansfieldLabourSigned
Paul Monaghan02/02/2016Caithness, Sutherland and Easter RossScottish National PartySigned
Michael Weir02/02/2016AngusScottish National PartySigned
Drew Hendry02/02/2016Inverness, Nairn, Badenoch and StrathspeyScottish National PartySigned
Angus MacNeil02/02/2016Na h-Eileanan an IarScottish National PartySigned
Neil Gray03/02/2016Airdrie and ShottsScottish National PartySigned
Gregory Campbell03/02/2016East LondonderryDUPSigned
Virendra Sharma03/02/2016Ealing, SouthallLabourSigned
Kelvin Hopkins03/02/2016Luton NorthLabourSigned
Margaret Ferrier03/02/2016Rutherglen and Hamilton WestScottish National PartySigned
Margaret Ritchie03/02/2016South DownSocial Democratic and Labour PartySigned
David Simpson03/02/2016Upper BannDUPSigned
Chris Law03/02/2016Dundee WestScottish National PartySigned
Corri Wilson04/02/2016Ayr, Carrick and CumnockScottish National PartySigned
Alison Thewliss04/02/2016Glasgow CentralScottish National PartySigned
Stephen Gethins04/02/2016North East FifeScottish National PartySigned
John Nicolson05/02/2016East DunbartonshireScottish National PartySigned
Steven Paterson08/02/2016StirlingScottish National PartySigned
Hannah Bardell08/02/2016LivingstonScottish National PartySigned
Patrick Grady09/02/2016Glasgow NorthScottish National PartySigned
Patricia Gibson09/02/2016North Ayrshire and ArranScottish National PartySigned
Lady Hermon09/02/2016North DownIndependentSigned
Anne McLaughlin10/02/2016Glasgow North EastScottish National PartySigned
Owen Thompson10/02/2016MidlothianScottish National PartySigned
Stuart Donaldson10/02/2016West Aberdeenshire and KincardineScottish National PartySigned
Nigel Dodds11/02/2016Belfast NorthDUPSigned

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