MPs warn on 'flawed' Financial Services Bill

Members of the Treasury Select Committee have published a special review of the government's "defective" banking reforms, according to reports.

MPs fear the government is trying to rush through laws that will leave the "financial system over-complicated and outdated", the Telegraph said. The FT reported the 37-page paper would highlight the flaws of the proposed bill in the hope of sparking changes when it goes before the House of Lords next week. Committee chairman Andrew Tyrie said: "The Financial Services Bill is the most important overhaul of financial regulation ever undertaking in this country. Better to take a little more time, and get it right, than rush it." It said the influential panel of MPs do not have issue ...