§ Mr. David NicholsonTo ask the Chancellor of the Exchequer what is the Treasury's policy in respect of the statutory compliance duties of industry practitioners and regulators(a) to ensure that all breaches of section 47 of the Financial Services Act 1986 are identified, (b) to ensure that all identified breaches of section 47 are investigated and (c) to ensure that, following investigation, breaches of section 47 are prosecuted in the criminal courts. [19965]
§ Mrs. Angela KnightThe Treasury is responsible for the general policy expressed in the legislation, but not for prosecution of matters under section 47. The Financial 611W Services Act places no duties on industry practitioners and regulators of the kinds listed. In England and Wales, only the Secretary of State and the Director of Public Prosecutions have the power to prosecute or to consent to others prosecuting. In Northern Ireland, those powers are exercised by the Secretary of State and the Director of Public Prosecutions for Northern Ireland. In Scotland, prosecutions would be brought by procurators fiscal.