GOVERNANCE OF THE FINANCIAL SERVICES AUTHORITY

That this House notes with concern the dominance of people with a financial services industry background on the board of the Financial Services Authority (FSA); acknowledges the concerns of consumer organisations such as Which? that this limits the board's ability to challenge the application of regulation and supervision by the senior management of the FSA and to promote and represent the interests of ordinary consumers; highlights the importance in the current economic climate of ensuring that the right decisions are taken on issues relating to financial regulation including rewards and remuneration in the sector; and therefore urges the FSA to ensure that suitable consumer representation is reflected on the board as a matter of urgency.