Ribble Valley MP Nigel Evans yesterday spoke in a debate in the House of Commons on the future of the Financial Conduct Authority

Ribble Valley MP Nigel Evans yesterday spoke in a debate in the House of Commons on the future of the Financial Conduct Authority, the body tasked to maintain the integrity of UK financial markets, which has come under recent scrutiny and criticism.

This criticism has been particularly strong over the FCA’s handling of an investigation into the collapse of the Connaught Income Fund, which resulted in many savers across the country losing large portions of their savings.

Speaking in the debate Mr Evans said;
‘The FCA ought to look at transparency, speed and fairness. It seems to me that the FCA has taken no regard of the fact that many of our constituents—probably running into the hundreds of thousands across the country—have lost tens of thousands of pounds. In many cases, these are elderly people who were relying on that money to keep them into their old age.’

After the debate Mr Evans said,
‘It is the primary task of the FCA to act for the safety and security of the consumer. It cannot act solely in the interest of large financial institutions. The FCA have to create a safe environment for consumers and cannot allow smaller independent financial firms to be managed out of existence. Furthermore, investors who have lost huge portions of their savings through the Connaught Income Fund are yet to be satisfied that the FCA are taking the issue seriously. I am calling on the Chancellor to look again at how the FCA operates in the interests of the consumer. I am also calling on the Chancellor to give assurances to the of the Connaught fraud, and to give indications as to when they will receive justice.’