Oral Answers to Questions

Greg Smith Excerpts

Tuesday 7th February 2023 Commons Chamber

[Jeremy Hunt]

No, Mr Speaker. The total tax take from that sector is £80 billion over five years, which is more than the entire cost of funding the police force. The shadow Chancellor can play politics, but we will be responsible because we want lower bills, more investment in transition and more money for public services, such as the police.

[Greg Smith (Buckingham) (Con)]

T3. The Financial Conduct Authority is currently advertising for a personal assistant to its chief executive, to work alongside another PA, a chief of staff, a head of office, three private secretaries and a PA to the chief of staff. Given the largesse in their own affairs, what is my hon. Friend the Economic Secretary doing to hold financial service regulators to account?

[The Economic Secretary to the Treasury (Andrew Griffith)]

My hon. Friend makes an important point. That is why the Financial Services and Markets Bill rightly improves the accountability of regulators to Parliament. It is about not just the cost of regulation, but the speed and efficiency of it. I read with concern work from TheCityUK suggesting that 90% of industry respondents thought that the speed of authorisations was either “somewhat” or “extremely” detrimental.