Harriett Baldwin and Wyre Forest MP Mark Garnier have won the right to debate the regulation of independent financial advisers in the House of Commons. The MPs yesterday appealed to the Backbench Committee for time to debate the issue on the floor of the House of Commons. Harriett and Mark were granted the main debate following a successful debate in Westminster Hall last month. This is the culmination of more than two years of lobbying on behalf of the IFA community. Many IFAs live and work in Worcestershire. The debate will focus on a consultation known as the Retail Distribution Review which will require all Independent Financial Advisers to take exams and prevent them from earning commission. The FSA’s own consultant estimates that this will cost the industry, and thus the consumer, £1.7 billion, and could result in up to 25 per cent of experienced IFAs being barred from practicing their trade. Harriett Baldwin commented: “I am delighted that Mark Garnier and I have the opportunity to take this important issues onto the floor of the main chamber of the House. “I really do hope that we will now get the chance to influence the independent statutory regulator to take the right steps now to mitigate the impact of their regulations on the provision of much-needed financial advice. “The Financial Services Authority (FSA) is keen to raise the standards of financial advice but is doing so in a prescriptive and heavy handed way. I share their goal but I fear that requiring even very experienced advisers with unblemished track records to pass exams may have a negative impact on those of my constituents who are financial advisers and will reduce access to independent financial advice for many people. “At a time when the FSA is being abolished it seems like an appropriate time to debate this issue. “IFAs should now write to or visit their own MPs and ask them to speak in the debate on their behalf.” Mark Garnier added: “IFAs across the country have been calling for a debate on this for years, yet throughout the whole process of RDR, there has been just 30 minutes of debate on this important subject. IFAs are an incredibly important asset when striving to improve savings and pensions, and it is important that they get their time in Parliament.”