Treasury Select Committee Member John Mann MP says that today’s announcement that Andrew Bailey is to replace Martin Wheatley as head of the FCA demonstrates that the Treasury and George Osborne have downgraded consumer interests at the FCA.
Andrew Bailey, currently head of the Prudential Regulation Authority and Deputy Governor of the Bank of England, will take over as head of the FCA once a replacement for his current role has been found.
John Mann said“This appointment shows that the Treasury and George Osborne have decided to downgrade consumer interests inside the FCA culminating in the sideways move of Andrew Bailey.”
Mann continued “This decision has big implications for pensioners who have seen massive changes in the pension market and I fear we will now see people at risk from misselling and excessive fees.”
“On Monday I will reveal in the House of Commons a new scandal which the FCA is trying to sweep under the carpet providing further proof that we need a strong, independent regulator, not another lackey for George Osborne and the banks.”