§ Dr. CableTo ask the Chancellor of the Exchequer if he will list the fines levied against financial services companies in each year since the creation of the Financial Services Authority by company,(b) amount and (c) reason for fine; and if he will make a statement on the use of the money raised from these fines. [125831]
§ Mr. BoatengThe FSA is a private company, which operates independently from the Government. It has the power to develop its own rules, which have the force of law. and determines, the level of lines that are levied when those rules are breeched.
The Financial Services and Markets Act (Schedule 1) stipulates that any amounts received by the FSA through the levy of fines should be applied for the benefit of authorised persons.
Information on fines levied by the FSA is available from their website.