Asked by: Lord Mendelsohn (Labour - Life peer)
Question to the HM Treasury:
To ask Her Majesty’s Government what proportion of the financial penalties imposed by the Financial Conduct Authority since 2007 have been accompanied by the use of powers in the Financial Services and Markets Act 2000 to require changes to a firm's or individual’s behaviour.
Answered by Baroness Neville-Rolfe - Minister of State (Cabinet Office)
Information on the FCA’s enforcement powers and its policy on financial penalties is set out in detail in the enforcement section of their website, and in their Handbook.
We have passed Lord Mendelsohn’s questions on to the FCA, who will reply directly to him by letter. A copy of the letter will be placed in the Library of the House.
Asked by: Lord Mendelsohn (Labour - Life peer)
Question to the HM Treasury:
To ask Her Majesty’s Government whether the Financial Conduct Authority (1) has taken disciplinary action against individuals since 2007 and if so how many; and (2) whether records are kept of those individuals or firms who faced disciplinary action after a fine was imposed.
Answered by Baroness Neville-Rolfe - Minister of State (Cabinet Office)
Information on the FCA’s enforcement powers and its policy on financial penalties is set out in detail in the enforcement section of their website, and in their Handbook.
We have passed Lord Mendelsohn’s questions on to the FCA, who will reply directly to him by letter. A copy of the letter will be placed in the Library of the House.
Asked by: Lord Mendelsohn (Labour - Life peer)
Question to the HM Treasury:
To ask Her Majesty’s Government on which occasions the Financial Conduct Authority imposed a financial penalty on a firm or individual since 2007.
Answered by Baroness Neville-Rolfe - Minister of State (Cabinet Office)
Information on the FCA’s enforcement powers and its policy on financial penalties is set out in detail in the enforcement section of their website, and in their Handbook.
We have passed Lord Mendelsohn’s questions on to the FCA, who will reply directly to him by letter. A copy of the letter will be placed in the Library of the House.
Asked by: Lord Mendelsohn (Labour - Life peer)
Question to the HM Treasury:
To ask Her Majesty’s Government in how many instances since 2007 the Financial Conduct Authority has increased a financial penalty as a result of a firm failing to take the disciplinary action required by the Authority.
Answered by Baroness Neville-Rolfe - Minister of State (Cabinet Office)
Information on the FCA’s enforcement powers and its policy on financial penalties is set out in detail in the enforcement section of their website, and in their Handbook.
We have passed Lord Mendelsohn’s questions on to the FCA, who will reply directly to him by letter. A copy of the letter will be placed in the Library of the House.
Asked by: Lord Mendelsohn (Labour - Life peer)
Question to the HM Treasury:
To ask Her Majesty’s Government how many times the powers in the Financial Services and Markets Act 2000 to impose requirements on firms to change their behaviour have been used and whether they will list each occasion and what requirements were requested.
Answered by Baroness Neville-Rolfe - Minister of State (Cabinet Office)
Information on the FCA’s enforcement powers and its policy on financial penalties is set out in detail in the enforcement section of their website, and in their Handbook.
We have passed Lord Mendelsohn’s questions on to the FCA, who will reply directly to him by letter. A copy of the letter will be placed in the Library of the House.
Asked by: Lord Mendelsohn (Labour - Life peer)
Question to the HM Treasury:
To ask Her Majesty’s Government how the Financial Conduct Authority investigates and documents the process by which it evaluates aggravating factors which may lead to an increase in an already imposed fine.
Answered by Baroness Neville-Rolfe - Minister of State (Cabinet Office)
Information on the FCA’s enforcement powers and its policy for financial penalty is set out in detail in the enforcement section of their website, and in their Handbook.
The FCA does not seek to agree specific disciplinary action firms should take against individuals. If the FCA thinks that disciplinary action should be taken against individuals, it can and does take that action itself.
We have passed Lord Mendelsohn’s questions on to the FCA, who will reply directly to him by letter. A copy of the letter will be placed in the Library of the House.
Asked by: Lord Mendelsohn (Labour - Life peer)
Question to the HM Treasury:
To ask Her Majesty’s Government what are all the factors they, and the Financial Conduct Authority (FCA), consider as aggravating a breach of conduct for which a fine may be imposed by the FCA, which may lead to an increase in that fine.
Answered by Baroness Neville-Rolfe - Minister of State (Cabinet Office)
Information on the FCA’s enforcement powers and its policy for financial penalty is set out in detail in the enforcement section of their website, and in their Handbook.
The FCA does not seek to agree specific disciplinary action firms should take against individuals. If the FCA thinks that disciplinary action should be taken against individuals, it can and does take that action itself.
We have passed Lord Mendelsohn’s questions on to the FCA, who will reply directly to him by letter. A copy of the letter will be placed in the Library of the House.
Asked by: Lord Mendelsohn (Labour - Life peer)
Question to the HM Treasury:
To ask Her Majesty’s Government on how many occasions the Financial Conduct Authority has exercised its powers to increase a fine that it has already imposed; and, in each case, what were the reasons for the exercise of those powers.
Answered by Baroness Neville-Rolfe - Minister of State (Cabinet Office)
Information on the FCA’s enforcement powers and its policy for financial penalty is set out in detail in the enforcement section of their website, and in their Handbook.
The FCA does not seek to agree specific disciplinary action firms should take against individuals. If the FCA thinks that disciplinary action should be taken against individuals, it can and does take that action itself.
We have passed Lord Mendelsohn’s questions on to the FCA, who will reply directly to him by letter. A copy of the letter will be placed in the Library of the House.
Asked by: Lord Mendelsohn (Labour - Life peer)
Question to the HM Treasury:
To ask Her Majesty’s Government, for each fine imposed by the Financial Conduct Authority since 2007, what was (1) the amount of the fine before any discounts arising from early settlement, (2) the amount paid, and (3) the amount of any discounts applied.
Answered by Baroness Neville-Rolfe - Minister of State (Cabinet Office)
Information on the FCA’s enforcement powers and its policy for financial penalty is set out in detail in the enforcement section of their website, and in their Handbook.
The FCA does not seek to agree specific disciplinary action firms should take against individuals. If the FCA thinks that disciplinary action should be taken against individuals, it can and does take that action itself.
We have passed Lord Mendelsohn’s questions on to the FCA, who will reply directly to him by letter. A copy of the letter will be placed in the Library of the House.
Asked by: Lord Mendelsohn (Labour - Life peer)
Question to the HM Treasury:
To ask Her Majesty’s Government in how many instances since 2007 did the Financial Conduct Authority increase a financial penalty as a result of a firm failing to take disciplinary action against staff; and in each case, what was the reason for the increase.
Answered by Baroness Neville-Rolfe - Minister of State (Cabinet Office)
Information on the FCA’s enforcement powers and its policy for financial penalty is set out in detail in the enforcement section of their website, and in their Handbook.
The FCA does not seek to agree specific disciplinary action firms should take against individuals. If the FCA thinks that disciplinary action should be taken against individuals, it can and does take that action itself.
We have passed Lord Mendelsohn’s questions on to the FCA, who will reply directly to him by letter. A copy of the letter will be placed in the Library of the House.