§ Mr. GardinerTo ask the Chancellor of the Exchequer what plans he has to increase the powers and resources of the Financial Services Authority to investigate the accounting practices of companies. [94520]
§ Ruth KellyThe powers of the Financial Services Authority are set out in the Financial Services and Markets Act 2000 and the secondary legislation under it. In respect of the accounting practices of companies, my RHF the Secretary of State for Trade and Industry announced yesterday, in response to the recommendation of the Co-ordinating Group on Audit and Accounting Issues, that the FSA will play a greater role, in partnership with the Financial Reporting Review Panel, in the enforcement of accounting standards, particularly in identifying the risks to be investigated and the selection of company accounts for investigation.