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Banking: Société Générale

Volume 699: debated on Monday 18 February 2008

asked Her Majesty's Government:

Whether they consider that recent co-ordination measures by the tripartite financial supervision authorities will prevent abuses like the Société Générale case in France from occurring in the United Kingdom. [HL1652]

Financial supervision is not a tripartite responsibility, but rather the job of the FSA. The regulatory objectives of the FSA are set out in the Financial Services and Markets Act 2000 and are: market confidence; public awareness; the protection of consumers; and the reduction of financial crime. The measures taken by the FSA to address these objectives, including those aimed at reducing financial crime, are outlined in its yearly annual report and business plan publications.