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Financial Services Authority

Volume 409: debated on Friday 18 July 2003

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To ask the Chancellor of the Exchequer if he will make a statement on the procedures for reviewing the Financial Services Authority's rule making (a) powers and (b) decisions. [126656]

The main procedures for reviewing Financial Service Authority rules, as set out by the Financial Services and Markets Act (2000) (section 155), are the requirements for public consultation prior to the exercise of a rule-making power and completion of a cost-benefit analysis.The main mechanism for reviewing decisions made by the FSA is the right of an aggrieved party to refer decisions to the independent Financial Services and Markets Tribunal.