Tyrie back in the Chair but is Financial Services back in dock?
The Conservative MP has resumed his position as Chair of the influential Treasury Select Committee, and will be looking at the policies which will impact the financial services sector.
Andrew Tyrie has resumed his position as Chair of the influential Treasury Select Committee. Tyrie was nominated to the position unopposed by eclectic mix of backbench MPs – from the veterans like Peter Lilley, to new MPs like Oliver Dowden, Europhiles like Ken Clarke and Eurosceptics like Steve Baker. Tyrie also gained the necessary support from the opposition benches including SNP’s Stewart Hosie who was a member of the Committee in the last Parliament.
The programme of work for the Committee has not yet been set, but it can be expected that Tyrie will want to return to similar issues he covered in the last Parliament. The Committee is likely to continue to look at concerns around remuneration, the recommendations from the Fair and Effective Markets Review in response to the Libor and foreign exchange market rigging scandals, as well as Tyrie’s hobby-horse the Money Advice Service.
Added to the scope of work for this Parliament will be further examination of the problems around the lack of lending to SMEs, as well as scrutiny of the forthcoming emergency Budget in July and autumn’s Spending Review.
The rest of the programme will be decided on when the Committee starts its programme of meetings in the beginning of July, but new inquiries could include looking into the role of Fintech in driving innovation in the sector.
Select Committees are well known for their high profile inquisitions of corporate witnesses, and the Treasury Select Committee is no exception, but it is also a driving force for many policy debates. Topics which are the subject of an inquiry are opportunities for proactive organisations to be engaged with influential stakeholders and to share their thought leadership activity. But careful management is advised.