§ Mr. Stephen O'BrienTo ask the Chancellor of the Exchequer what representations he has received from the Financial Services Authority regarding the alleged practice of spinning by investment banks; and if he will make a statement. [79096]
§ Ruth KellyThis is a matter for the Financial Services Authority. I understand the FSA has begun an informal inquiry into spinning and has requested information on what processes UK regulated firms have in place to prevent spinning, while seeking views on a possible rule change which would explicitly outlaw certain types of conduct.