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Bank Services: Regulation

Volume 488: debated on Friday 27 February 2009

To ask the Chancellor of the Exchequer on what date the Financial Services Authority added each Icelandic bank to the list of authorised deposit-takers for local authorities. (258405)

The FSA is responsible for authorisation of UK deposit-taking institutions under part IV of the Financial Services and Markets Act (FSMA). Deposit-taking institutions incorporated in other EEA states are authorised by their home state regulator and can establish branches in the UK using ‘passport’ rights under EC law. The FSA does not produce a list of authorised deposit-taking institutions specifically for the guidance of local authorities.