Better financial regulation is a necessity
Week after week in my advice surgeries I see the hardship and emotional suffering caused by poor financial decisions. In my work locally with our excellent Citizens’ Advice Bureau and in Parliament as I carry out my role as the Vice-Chairman of the All Parliamentary Group for Citizen’s Advice; I have seen overwhelming evidence for the urgent need to reform the regulation of consumer financial services and to massively improve the quality of financial education and free advice offered to people.On Monday the Government presented the Financial Services Bill to Parliament which aims to learn from the mistakes of the last Government’s attempts to change how banks and financial services were regulated. Since modern banking was developed centuries ago there have been individual bank failures and mis-selling of financial products, but the system wide failure of our own and...
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Better financial regulation is a necessity
Week after week in my advice surgeries I see the hardship and emotional suffering caused by poor financial decisions. In my work locally with our excellent Citizens’ Advice Bureau and in Parliament as I carry out my role as the Vice-Chairman of the All Parliamentary Group for Citizen’s Advice; I have seen overwhelming evidence for the urgent need to reform the regulation of consumer financial services and to massively improve the quality of financial education and free advice offered to people.On Monday the Government presented the Financial Services Bill to Parliament which aims to learn from the mistakes of the last Government’s attempts to change how banks and financial services were regulated. Since modern banking was developed centuries ago there have been individual bank failures and mis-selling of financial products, but the system wide failure of our own and...
Full Source here »
