My right hon. Friend is exactly right. The FCA is not directly accountable to Parliament, but is accountable to Parliament through the Treasury. I, too, have had constituents finding themselves in a David and Goliath scenario, trying to tackle issues of unfairness with the FCA.
Likewise, in finance, we have seen the mis-selling of interest rate hedging products and widespread financial misconduct against small and medium-sized enterprises by the Royal Bank of Scotland, for example. Last year, the all-party parliamentary group on fair business banking conducted the first systematic review of compensation schemes in the UK and found flaws common to several of them. Schemes are frequently blighted by unnecessary complexity, delays and a huge emotional and legal burden on victims. Often schemes are shrouded in secrecy and lack proper independence.