§ Mr. LoveTo ask the Chancellor of the Exchequer how many financial services company staff have been disciplined by the regulator in each of the last 10 years; how many of those staff lost their employment as a result; and if he will make a statement. [99640]
§ Miss Melanie JohnsonThe number of individuals disciplined by the self-regulatory organisations since 1990 are as follows:
Calendar year Number 1990 3 1991 5 1992 13 1993 10 1994 34 1995 22 1996 38 1997 35 1998 24 1999 (to date) 17 Total 201 Formal disciplinary action against individuals by the self-regulatory organisations can take several forms. These include public reprimand, fine, imposition of conditions on employment or termination or suspension of an individual's personal registration.
These numbers do not include instances of shortcomings among other staff which have been dealt with by other internal corrective procedures within their employer firms. Such action can, for instance, include retraining or even dismissal. The regulators do not monitor the number of staff dismissed as a result of their disciplinary action.