Chichester Member of Parliament Andrew Tyrie has announced he will not stand for election this coming June. Tyrie has been the highly influential Chair of the Commons Treasury Select Committee since 2010. The MP released a statement on his decision, saying;
“After very careful thought, I have decided to stand down from Parliament. The hardest part of my decision has been that I have the most welcoming, generous and beautiful constituency in the country.”
Tyrie’s statement said he was particularly proud of his efforts to improve banking standards following the crisis of 2008.
Andrew Bailey, Chief Executive of the Financial Conduct Authority, commented on Tyrie’s decision;
“I would like to thank Andrew for his contribution to public policy through the Treasury Select Committee and the Parliamentary Commission on Banking Standards. He has played a major role in enhancing the accountability of economic and financial policy at a time of great change.”
The MP has spent the past 20 years in the House of Commons, participating in many influential committees regarding financial services. Tyrie was instrumental in the removal of Charlotte Hogg who left her post of Deputy Governor at the Bank of England earlier this year.
In 2016, Tyrie expressed his growing concern regarding the UK alternative finance sector. In a letter, Tyrie said;
“The Committee is concerned to ensure that the FCA is paying due attention to the risks – and the opportunities – afforded by the growth of peer-to-peer lending and related markets.”
Tyrie said at that time, “it is crucial that the regulator is doing what it can to find the right balance between these risks and opportunities,” as he questioned whether or not the FCA was apply sufficient regulatory scrutiny to the emerging industry.