Politics Update – Monday 19 June 2017

Updates | 19/06/17

There is very little that’s certain in our national politics at the moment.  Parliament is hung; Theresa May’s premiership hangs by a thread; a week into negotiations and she has yet to strike a ‘confidence and supply’ deal with the DUP.  The contents of the Queen’s Speech remain a mystery and, perhaps most alarmingly, it’s the first day of the Brexit negotiations and we are a million miles from a settled consensus, let alone a deal.  And overshadowing it all, of course, is the tragedy of the Grenfell Tower in West London, whose political repercussions will be felt for years to come.

But if history tells us anything, the muddle and confusion will give way to order and normality of some description soon enough.  It is Parliament’s task to find a governing consensus that reflects the will of the voters.  And if it can’t, it’s back to the ballot box until a workable consensus does emerge.  That’s the magic of democracy.

If a functioning government does emerge, however, and Parliament finds its feet, there will new ministerial teams for us to engage and 99 new MPs to get to know. CCTA will be watching closely and engaging relevant ministers and parliamentarians when the time is right.  As always, and regardless of which party occupies No. 10, there are important arguments to prosecute on behalf of members with the political masters who oversee our regulators.

And what of the FCA in the midst of the political turmoil?  As one would expect, Andrew Bailey and his army of officials have remained admirably above the fray.  It is customary for regulators to stay quiet at times of political tumult.  But rest assured, the cogs are still turning and the FCA will be moving forward with its priority dossiers, though subject to delays of its own.

Our next Public Affairs Bulletin will delve into the detail of the dossiers most relevant to CCTA businesses and identify the the factors influencing the FCA’s work.  The FCA and its priorities for our sector will also be the subject of our next monthly Podcast in July.  I will be joined by a senior parliamentarian with expertise in financial services, and one of the country’s leading legal brains on all matters consumer credit.  Be sure to tune in.