City panel concerned about the impact of Financial Services Bill
AS MPs debate the new Financial Services Bill in the Commons today, almost 60 per cent of our Voice of the City panel have confessed to being concerned about the overall impact it could have on the UK.
Fifteen per cent of our panel – surveyed in association with PoliticsHome.com, said they were “very concerned” about the bill, announced by MP Mark Hoban (right) which is supposed to provide a more robust regulatory system for the City.
A further 42 per cent said they were “somewhat concerned”.
More worryingly, perhaps, almost a third of respondents admitted to being either “completely” or “somewhat” unaware of the Bill, which will establish a new system of regulation, including introducing a new City regulator to replace the Financial Services Authority.
And even those who are aware of the Bill seem sceptical about its worth, with just 19 per cent agreeing that it will fulfill one of its core objectives – to stop the UK falling into another financial crisis, compared to 55 per cent who disagreed with the idea that it would help.