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Financial Services Authority

Volume 301: debated on Tuesday 25 November 1997

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To ask the Chancellor of the Exchequer what proposals he has for the relationship between the Financial Services Authority and the Scottish Parliament. [17202]

To ask the Chancellor of the Exchequer what is the estimated cost of the proposed Financial Services Authority; what office accommodation has been secured for it; and at what cost to public funds. [17088]

The Financial Services Authority does not receive public funds. It is responsible for acquiring and meeting the costs of its own accommodation.

To ask the Chancellor of the Exchequer if he will make a statement on the impact of the establishment of the Financial Services Authority on the role of professional bodies in Scotland with responsibility for monitoring the work of solicitors and accountants. [17201]

The Government intend to give the Financial Services Authority responsibility for the authorisation of all firms carrying an investment business, including those currently authorised by virtue of their certification by a Recognised Professional Body. The Government are considering enabling the Financial Services Authority to engage professional bodies to carry out specified functions on its behalf. The Financial Services Authority may also be able to refrain from making specified rules or categories of rules where it considers those of the relevant professional bodies to be adequate. The Financial Services Authority is currently consulting the professional bodies, including those in Scotland, on this matter.