§ Mr. Gordon PrenticeTo ask the Chancellor of the Exchequer what guidelines or advice he has issued concerning the reference of matters subject to investigation by the Financial Services Regulator to the Serious Fraud Office; and if he will make a statement. [76970]
§ Ms HewittThe Treasury has not issued guidance to the Financial Services Authority (FSA) on when to refer matters subject to investigation to the Serious Fraud Office (SFO). The FSA and SFO have long-standing arrangements which ensure that each agency is informed about investigations where the other has an interest and agreed guidelines on the criteria for determining who is best placed to pursue a particular case. They are currently preparing, with other investigative and prosecuting authorities, new guidelines for co-operation to take account of the new powers proposed for the FSA in the Financial Services and Markets Bill.