Alternative Investment Fund Managers Regulations 2013

Lord Davies of Brixton Excerpts

Monday 13th November 2023 Lords Chamber

[Baroness Penn (Con)]

My Lords, the operation of the consumer panel and other panels of the FCA is a matter for the FCA. I am sure that it draws on all its different panels, as appropriate, when taking forward its work programme.

[Lord Davies of Brixton (Lab)]

My Lords, one recognises the important issue being raised, but the context has to be understood of a financial services industry that does not have an unblemished record, in terms of the personal pensions and endowment insurance scandals. The FCA has to recognise that it cannot take the good will of the industry towards the client as given.

[Baroness Penn (Con)]

My Lords, some of the issues that the noble Lord sets out are why it is important to take forward the programme of reform in a measured way that takes into account the interests of all involved in the sector, whether industry or consumers, and makes sure that we have proper consultation in everything that we do.