Connaught Income Fund

Bill Wiggin Excerpts

Tuesday 12th January 2016 Commons Chamber

[Guto Bebb]

I am grateful to my right hon. Friend for that intervention. I will come on to the way in which independent financial advisers have been badly treated under the regulatory framework in this regard.

[Bill Wiggin (North Herefordshire) (Con)]

Does my hon. Friend agree that the new body, the FCA, is as toothless as ever and that it is more likely to refer people to the ombudsman than to do anything itself? Will he urge the Government to change that?

[Guto Bebb]

I regret that I have to agree with my hon. Friend. The financial ombudsman service is too often seen as an option by the FCA when problems are brought to its attention. Unfortunately, I also have some comments to make on the performance of the ombudsman in relation to this issue.