Asked by: Guy Opperman (Conservative - Hexham)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, if he will take steps to ensure that Financial Conduct Authority disciplinary proceedings relating to Stewart Ford, formerly of Keydata Investment Services, are concluded as quickly as possible.
Answered by Andrea Leadsom
The Government appreciates the real difficulties and the serious implications the Keydata issue has had for investors and is following the situation closely.
The Financial Conduct Authority (FCA) is an independent non-governmental body responsible for regulating and supervising the financial services industry within the framework of statutory objectives and duties agreed by Parliament. Although the Treasury is responsible for the legal framework, it has strictly limited powers in relation to the FCA. In particular the Treasury has no general power of direction over the FCA and cannot direct its enforcement activities.