Carmichael to lead debate on accountability of the Financial Conduct Authority
Orkney and Shetland MP, Alistair Carmichael, has secured a parliamentary debate on the accountability of the Financial Conduct Authority (FCA), to be held on Wednesday 1st May at 11am. Ahead of the debate, Mr Carmichael spoke about lessons from the Post Office Horizon scandal around the need for accountability from public bodies to avoid future scandals, warning that “we cannot afford to be complacent”.
Last week Mr Carmichael held a showing of the documentary “King of the Swindlers” by BBC Scotland in the House of Commons, attended by MPs, journalists and victims of the fraud led by Alistair Greig. The documentary explains the events of the Midas Scandal, focusing on one of Scotland’s most infamous investment fraudsters, Alistair Greig. Greig’s fraudulent activities led to a £13 million theft from his victims, and went undetected by the Financial Conduct Authority for several years.
Mr Carmichael said:
“Based on recent conversations with colleagues there is a growing concern about the culture within the FCA, and its attitude towards accountability to the public. Their behaviour during and after the Midas scandal in the north of Scotland is just one example of that cultural problem.
“If there is a universal lesson from the Horizon scandal it is that accountability really matters when it comes to our public institutions. Whether in the Post Office or the FCA, public bodies need to be reminded that they are ultimately accountable to the people – and to operate with that in mind.
“These crises are often years in the making. We cannot afford to be complacent and simply wait for the next scandal to crop up. The victims of Alistair Greig – and the potential victims of future fraudsters – deserve better than that.
“I would invite people with concerns regarding the operation of the FCA to write to me in advance of the debate next week – the more evidence we have the better we can hold the government and the agency to account.”