Memorandum by Money Management Council
Response to Government proposals for regulation
of services as included in the draft Financial Services and Markets
The Money Management Council is the independent
financial charity which campaigns for clarity in financial matters
to help alleviate the general financial ignorance.
We have responded briefly to the Joint Committee
on Financial Services and Markets as follows:
Overview. The Council welcomes the statutory
objects for FSA to aid public understanding. It believes this
is best fulfilled by acting as a facilitator to existing consumer
education bodies and initiatives wherever possible.
1. We were encouraged to see the more precise
definition of accountability with the original autonomy being
passed more to the Treasury and then to Parliament. The retention
of the statutory immunity concurs with our thinking as this provides
the strength to operate.
2. Even after explanations the worry is that
the objectives are so wide that there could be a diminution of
resources to tackle the major objectives.
3. We are pleased to see the withdrawal of the
option to endorse individual codes and welcome the proposed improvements
clarifying the roles of the tribunal and the FSA.
4. We accept the need to examine the position
of other bodies, i.e., Lloyds mortgage advisors and professions
currently regulated by RCBs.
5. We agree with the minor variations being
6. We await with interest the evidential code
of conduct from the FSA in respect of Market abuse.
30 March 1999