§ Mr. WigginTo ask the Chancellor of the Exchequer if he will make a statement on the performance and role of the Financial Services Authority over the last 12 months. [73738]
§ 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.
The annual report for 2001/02 was published on 20 June 2002 (I refer you to my answer given to my hon. Friend the Member for Stevenage (Ms. Follett) 20 June 2002, Official Report, column 454W) and Section 6 reports on performance against the statutory objectives. Copies of the report were supplied to the Treasury Committee and copies are available in the Libraries of both Houses.
§ Mr. McGradyTo ask the Chancellor of the Exchequer, pursuant to his answer of 20 June 2002Official Report, column 447W, if he will set out the Financial Services Authority's proposed powers post-2004 in relation to the regulation of mortgages and general insurances. [74241]
§ Ruth KellyOn mortgages, the Government published proposed powers for the Financial Services Authority (FSA) on 8 August. These can be obtained from the Treasury website www.hm—treasury.gov.uk. The Government will shortly be publishing for consultation draft legislation setting out FSA powers in respect of general insurance mediation.