House of Commons Public Bill Committee
Fabian at work with the Opposition Treasury Team
|Fabian is now fully involved with the work of the Labour Treasury Team in the work of the opposition on Treasury matters. The current piece of legislation that is being scrutinised in minute detail is Financial Services Bill seeks to transform regulation (control) of the financial industry in the UK and the operation of the Bank of England. The current government body, the Financial Services Authority (FSA) with its 4000 staff is to be replaced by two organisations - the Consumer Protection and Markets Authority and the Prudential Regulation Authority - the latter will be a subsidiary of the Bank of England which itself will have new powers. Becoming involved with this work is a 'just baptism' for Fabian since he has been very concerned in recent years fighting the cause for policy holders let down by the collapse of Equitable Life. There is a consensus that the FSA failed in its duty to monitor Equitable Life and so in a real sense the government agency, the FSA, should therefore be required to compensate policy holders who lost all their retirement savings.
The Financial Services Bill has passed its second reading in the House of Commons and its is now being examined, clause by clause, in the House of Commons Public Bill Committee on the Financial Services Bill 2010-12. This is a process which is part of the way that legislation becomes law in the UK. Fabian is a member of this 21 member scrutiny committee which comprises government and opposition MPs although there is a government majority of members.