MPs session with FCA postponed amid cabinet turmoil

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The Treasury Select Committee has postponed a session with the Financial Conduct Authority leadership today (7 July) amid government turmoil.

MPs were intending to ask how rises in the cost of living will feed into the financial system, levels of financial crime, and potential ramifications for consumers.

A spokesperson for the Treasury Select Committee told Mortgage Strategy sister title Money Marketing: “In light of today’s news, the committee this morning took the difficult decision to postpone the hearing with the Financial Conduct Authority. A new date for the session will be announced as soon as possible.”

The committee also expected to use the session to explore the potential for competitiveness and long-term economic growth objectives for the FCA.

It was also likely to seek views on the need for and protection of regulatory independence.

Other potential topics could have included among others the potential new financial regulators complaints scheme, the FCA’s future role in the regulation of ‘Buy Now, Pay Later’ products, and an update on the organisation’s transformation programme.

A flurry of resignations from the cabinet was sparked when chancellor Rishi Sunak and health secretary Sajid Javid stepped down on Tuesday evening (5 July).

Pensions minister Guy Opperman became the latest member of the cabinet to step down from his post. He resigned this morning (7 July).

He confirmed he will continue to work for his Hexham constituents from the backbenches.

Opperman became the UK’s longest-serving pensions minister in mid-June, overtaking former minister Steve Webb.

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