Financial Services Authority

HC Deb 29 January 2004 vol 417 c448W

24. Keith Vaz

To ask the Chancellor of the Exchequer if he will make a statement on the supervision of banks by the Financial Services Authority. [151566]

Ruth Kelly

As the right hon. Gentleman is aware, responsibility for the supervision of banks moved from the Bank of England to the Financial Services Authority on 1 June 1998. The legislative framework for the regulation of banks was subsequently reformed under the Financial Services and Markets Act, which came into effect on 1 December 2001. The 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.