HC Deb 14 January 2004 vol 416 cc813-4W
Norman Lamb

To ask the Chancellor of the Exchequer what assessment he has made of the impact outsourcing of financial services operations to foreign countries will have on the UK economy and its skilled labour market [147640]

Ruth Kelly

Despite fears of outsourcing abroad having an adverse effect on UK employment, the performance of the UK labour market over recent years has been strong by both international and historical standards. The UK has the highest employment rate and the lowest unemployment rate among the G7 economies.

Moreover most jobs outsourced tend to be at low to intermediate skill levels. The Government's policies aim to ensure that those whose jobs are directly affected can acquire new skills and move quickly into alternative employment.

Norman Lamb

To ask the Chancellor of the Exchequer to what extent the Financial Services Sector Skills Council will duplicate the work of existing examining bodies in the financial services sector. [147641]

Ruth Kelly

The Financial Services Sector Skills Council (FSSSC) will not duplicate the work of existing examining bodies in the financial services sector.

The FSSSC will work closely with a range of industry bodies, including the Financial Services Authority and the Qualifications and Curriculum Authority (QCA) to ensure the qualifications that employers want. This will include reviewing the suitability of existing training programmes and qualifications to meet sector needs and, where there are gaps, working with awarding bodies in the sector to develop new qualifications. The QCA will retain responsibility for maintaining the rigour and fitness for purpose of the national qualifications framework, ensuring qualifications are robust and reliable measures of achievement.

Tim Loughton

To ask the Chancellor of the Exchequer how much the Financial Services Authority has levied in fines since its foundation; and how much of this has been rebated to regulated firms by way of reduced fees. [147756]

Ruth Kelly

The Financial Services Authority (FSA) has been able to levy fines on regulated bodies since 1 December 2001, and has levied £18,544,000 to date. The FSA reduces the amount charged to all fee-payers in any one financial year by the amount of financial penalties received in the preceding financial year. To date, £9,269,000 the FSA has been rebated by way of reduced fees.