Since late 2017 I’ve spearheaded the campaign to secure justice for steelworkers who were targeted following the restructuring of the British Steel Pension Scheme (BSPS).

Thousands fell victim to bad advice from predatory advisers, the average loss for those affected being around £82,000.

Over this period I’ve spent a lot of time dealing with the Financial Conduct Authority and two things have become clear.

The FCA utterly failed steelworkers in their hour of need, missing the scandal until it was too late and then consistently missing the mark when it came to providing support in the aftermath, and secondly the vital role that Parliamentary scrutiny played in forcing the regulator to recognise the scale of the injustice and act accordingly.

It was only after publication of a damning National Audit Office report, instigated by me following many fruitless and frustrating meetings with the regulator, and continued digging by the Public Accounts Committee, that the FCA properly took notice, finally announcing a redress scheme late last year.

All of this leads me to the amendment I recently tabled to the Financial Services Bill currently progressing through Parliament. It would require the FCA to regularly report to Parliament, providing a further level of scrutiny of their work that would go some way to preventing repeats of the painful and protracted process that BSPS became.

The BSPS case is not the only example of the FCA’s failure to protect consumers; I have heard many complaints from other MPs and I am pleased to have received support from across the House for the clause I’ve tabled.

There is still a long way to go for it to receive full Parliamentary support but if eventually agreed it would mean consumers would be better protected, and our financial services sector made all the better for it.

As long as the FCA fails to exercise its powers to protect ordinary workers, it will continue to fail our constituents.

There was, of course, dreadful news for steelworkers earlier this month when Liberty Steel announced that 400 jobs were at risk.

I have visited the Liberty plant in Tredegar a number of times and the team there are a loyal and dedicated workforce who have stood by the company through thick and thin. They will feel badly let down by Liberty.

I will work with the Community Union to support local steelworkers so that consultations on these proposals are meaningful.