§ Mr. GarnierTo ask the Chancellor of the Exchequer (1) what the(a) estimated and (b) outturn set-up costs of the Financial Services Authority were, expressed in (i) capital expenditure and (ii) revenue expenditure terms;.[175267]
(2) how set-up costs of the Financial Services Authority were accounted for in the public finances;. [175268]
(3) what the overall outturn revenue expenditure of the Financial Services Authority was in each year since its establishment;. [175269]
(4) if he will list those bodies whose responsibilities were taken on by the Financial Services Authority as successor; and what the outturn revenue expenditure for each of those bodies was in the final three years of their operation. [175270]
§ Ruth KellyFor the purposes of this response, 1 December 2001 ("N2") has been taken as the date the Financial Services Authority (FSA) was established, when the FSA was granted its full powers under the Financial Services and Markets Act 2000. The FSA's financial year ends on 31 March.
£ Name of body and/or relevant responsibility of body Outturn expenditure for
1999–2000
Outturn expenditure for
2000–01
Outturn expenditure for
April 2001–02
Total Investment Management Regulatory Organisation (IMRO) 18.6 16.6 11.7 46.9 Personal Investment Authority (PIA) 44.0 39.9 27.1 111.0 Securities and Futures Authority (SFA) 32.8 33.0 21.2 87.0 Securities and Investments Boards (SIB) (Supervision of banks)1 50.2 50.8 35.3 136.3 Securities and Investments Board (SIB) (other regulatory responsibilities) 15.3 15.6 13.7 44.6 HM Treasury Insurance Directors2 12.8 5.6 11.4 39.8 Registry of Friendly Societies (RFS) (including the Building Societies Commission (BSC) and Friendly Societies Commission (FSC)) 7.8 8.2 38.4 16 1Supervision of banks transferred from the Bank of England to the Securities and Investments Board (SIB) on 1 June 1998. 2Figures for FSA service charge to HM Treasury. 3Budget forecast for full financial year 2001–02. The Registry of Friendly Societies (RFS) was wound up in December 2001.