HC Deb 09 November 2001 vol 374 cc489-90W
Mr. Chope

To ask the Chancellor of the Exchequer (1) what action he took in(a) 1999 and (b) 2000 to assess whether the Financial Services Authority was in compliance with the service level agreement concluded on 18 December 1998; [12818]

(2) how many people in the Treasury are involved in supervising the service level agreement with the Financial Services Authority, dated 18 December 1998. [12819]

Ruth Kelly

Until the implementation of the provisions of the Financial Services and Markets Act 2000, interim arrangements have been in place. These are designed to create the benefits of the new regime as far as possible under existing legislation. Under these arrangements, the Treasury has contracted out to the FSA the prudential supervision of insurance companies.

Staff in both the financial regulation industry and corporate services directorates are involved in the service level agreement. Formal quarterly meetings are held to discuss insurance issues. In addition, Treasury and FSA officials meet frequently, either with other colleagues, or bilaterally, to discuss a wide range of issues about the stability and competitiveness of insurance and other markets, and relevant regulation and legislation.