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Tory questions Govt on FSA malpractice and reform

Tory backbencher Gregory Barker has tabled three written questions to Parliament about the the FSA, asking about future plans for reform, staff expenditure and malpractice.

Treasury economic secretary Ivan Lewis said that apart from the complaint received by the Parliamentary Ombudsman alleging maladministration in respect of the prudential regulation of Equitable Life, there have been no issues regarding malpractice.

He said the investigation of this complaint, covering regulation of Equitable Life under contracting-out arrangements from January 1999 to December 2001, is continuing. He also said a previous statement of complaint against the FSA for this period found no maladministration.

Lewis added that following the review of the Financial Services and Markets Act, the FSA has been working to further refine its cost-benefit analysis and implementation.

He said that as the FSA is operationally independent of the Government, expenditure on human resources and staff pay are a matter for the regulator’s board.

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