§ Mrs. LawrenceTo ask the Chancellor of the Exchequer if he will make a statement on developments in financial services. [148151]
§ Ruth KellyI am replying as the Minister responsible for financial services.
633WUnder the terms of the tripartite Memorandum of Understanding between the Treasury, the Financial Services Authority (FSA) and the Bank of England (dated 28 October 1997), the FSA have kept me informed of developments at Standard Life, which have led to this morning's statement by the FSA.
The FSA have responsibility for regulatory decisions under the Financial Services and Markets Act 2000 (FSMA), including the setting up of a review under Section 166. They have informed the Treasury of their decision to commission a review by independent experts into the origins and implications of the significant divergence in the calculation of Standard Life's liabilities.
I will continue to keep the House informed of developments.