§ Mr. Stephen O'BrienTo ask the Chancellor of the Exchequer what assessment his Department has made of the role of the Financial Services Authority in the collapse of the split capital investment trusts; if he will set up an independent inquiry into this issue; and if he will make a statement. [81792]
§ Ruth KellyThe FSA is obliged under the terms of the Financial Services and Markets Act (2001) to produce an annual report assessing performance against its statutory objectives of maintaining confidence in the financial system, promoting public understanding of the financial system, securing an appropriate degree of protection for consumers and reducing the potential for financial firms to be used for financial crime. It is through this mechanism that the FSA is primarily held accountable to Ministers and Parliament.