Following criticism over the way the industry regulator, the Financial Services Authority has handled the recent problems with split capital investment trusts, calls have been made to remove the FSA's protection from prosecution.
Currently, the FSA is the only regulator in Europe to be protected by Parliament against prosecution for claims of gross negligence. This could mean their lack of accountability being detrimental to consumers.
Conservative MP and member of the Treasury Select Committee, Andrew Tyrie said "I don't think that the FSA should be immune from gross negligence claims. I have always believed that and I stand by it.
It is a question for the Government and policymakers to decide
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