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Local Government: Bank Services

Volume 486: debated on Tuesday 13 January 2009

To ask the Secretary of State for Communities and Local Government what assessment she has made of the effect of commission structures on the quality of investment advice to local authorities, with particular reference to advice to local authorities on investment in Icelandic banks. (246010)

Financial advisers are regulated by the Financial Services Authority, and it is for the FSA to determine whether or not any particular firm is meeting its regulatory obligations. Local authorities are responsible for their own investment decisions and guidance issued by Communities and Local Government requires them to produce an annual investment strategy which is approved by the full council.