Martyn Day (Linlithgow and East Falkirk) (SNP) [V]
Eid Mubarak, Mr Deputy Speaker, to you and everyone.
I rise to present a petition on behalf of my constituents in relation to the experiences that many of them have had with the Financial Conduct Authority and their feeling that it is not entirely fit for purpose.
The petition states:
The petition of residents of the constituency of Linlithgow and East Falkirk,
Declares that the Financial Conduct Authority’s (FCA) efficacy in overseeing the UK’s financial markets has come under scrutiny; further that the FCA has repeatedly failed in its remit to protect financial markets and consumers; further that such failures have adversely affected consumers and the industry; and further that, despite Section 29 of the Financial Services Act 2021 stating that the FCA must carry out a public consultation on whether it should make general rules providing that authorised persons owe a duty of care to consumers, the FCA consultation is entitled “A new Consumer Duty”, which differs from a duty of care—the legal definition of which we believe is not accurately described in that consultation—and would still require consumers to be beholden to the FCA to take action on their behalf.
The petitioners therefore request that the House of Commons urge the Government to ensure the FCA meets the intention of Section 29 of the Financial Services Act 2021, which if enacted in its true spirit, will strengthen consumer protection and the safety of our financial system going forward by creating a right of private action.
And the petitioners remain, etc.
[P002679]