§ Keith VazTo ask the Chancellor of the Exchequer what plans he has to improve the level of supervision of banks. [149499]
§ Ruth KellyThe regime for prudential supervision of banks is kept under constant review, both at home and internationally, in forums such as the European Union and the Basle Committee on Banking Supervision. On 1 June 1998, responsibility for the supervision of banks moved from the Bank of England to the Financial Services Authority. The legislative framework for the regulation of banks was subsequently reformed under the Financial Services and Markets Act; this came into effect on 1 December 2001.