MP calls for greater regulatory powers to tackle ‘pension sharks’
- On September 28, 2022
- By GrowthInvest Marketing
MP Nick Smith has called for the financial services and markets bill to be amended to include a focus on consumer protection, giving regulators greater powers to tackle “pension sharks”.
Speaking in the House of Commons, Smith said he was glad to see the recent introduction of the bill but said it should give the FCA more powers “to deal with pension sharks”.
Smith said. “The Financial Conduct Authority needs to look across our country, as well as the City of London, therefore can I ask the minister to make doubly sure that this bill has the strongest possible provisions for consumers and that the regulatory culture at the FCA is fit for purpose.”
Smith, who is MP for Bleanau Gwent in south Wales where many have been affected by the British Steel Pension Scheme scandal, argued “much more” needed to be done.
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