Investment - Articles - IMA says the Financial Services Bill provides an opportunity

 Responding to the Joint Committee's call for evidence on the draft Financial Services Bill, Richard Saunders, Chief Executive of the IMA, said:
 "The proposed ‘twin peaks' structure has much to commend it, but a number of improvements to the Financial Services Bill are needed.

 "The Bill must reflect a commitment to a radical re-design of the Financial Services Compensation Scheme and a clear mechanism for holding the new regulators to account.

 "To ensure the UK is not disadvantaged compared to other locations, the FCA's remit must be extended to include competitiveness. Also, parts of the Bill must be brought up to date and in line with European legislation.

 "By empowering the PRA to veto FCA decisions, the prudential strength of banks may be prioritised over consumer protection. Although this may sometimes be appropriate, the PRA's power should be more limited in scope and made more transparent."