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Banks: Iceland

Volume 489: debated on Thursday 19 March 2009

To ask the Chancellor of the Exchequer if he will request the Financial Services Authority to undertake an investigation of the appropriateness of advice given to local authorities and police authorities by Butlers in relation to the depositing of funds in Icelandic banks. (261638)

Financial advisers are regulated by the Financial Services Authority (FSA), 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 the Department for Communities and Local Government requires them to produce an annual investment strategy which is approved by the full council.