§ Ian StewartTo ask the Chancellor of the Exchequer what arrangements are in place to ensure that the Financial Services Authority is held accountable following the implementation of the Financial Services and Markets Act 2000. [23531]
§ Ruth KellyThe Financial Services and Markets Act set out a comprehensive new framework to ensure that the FSA and its board, while independent of Government, would be properly accountable to Ministers, Parliament and the wider public. The Chancellor has today written to Howard Davies, Chairman of the Financial Services Authority, setting out how the Government propose to use their powers under the new arrangements to ensure that the accountability process works as effectively as possible.
A copy of the letter, and the reply from the Chairman of the FSA, will today be deposited in the Library of the House and on the Treasury's website at www.hm-treasury.gov.uk.