§ Mr. SayeedTo ask the Chancellor of the Exchequer if he will make a statement on the basis for his proposal to give the Financial Services Agency and its staff statutory immunity. [83700]
§ Ms HewittThe proposed statutory protection from liability in damages for the Financial Services Authority and its staff for actions carried out in good faith takes forward the existing form of immunity for regulators under the Financial Services Act 1986, the Banking Act 1987 and the Bank of England Act 1998. This was an issue commented on by the Joint Committee on Financial Services and Markets and we are currently considering their recommendations.