Written question asked by Taiwo Owatemi (Labour) on Friday, 16 February 2024, in the House of Commons. It was due for an answer on Tuesday, 20 February 2024. It was answered by Bim Afolami (Conservative) on Monday, 26 February 2024 on behalf of the Treasury.
Friendly Societies: Misconduct
- Question
-
To ask the Chancellor of the Exchequer, if he will take steps to ensure that the Financial Conduct Authority is able to penalise misconduct by officers of friendly societies.
- Answer
-
The Financial Conduct Authority (FCA) has the power to prosecute offences by officers under the Friendly Societies Act 1974 and Friendly Societies Act 1992 .
In addition, for friendly societies authorised and regulated to conduct regulated activities under the Financial Services and Markets Act 2000 (FSMA), the FCA has an extensive range of disciplinary, criminal and civil powers to take action against regulated and non-regulated firms and individuals who are failing or have failed to meet the standards it requires.
The FSMA powers are stated in the FCA’s Enforcement Guide which can be found here: Enforcement Information Guide (fca.org.uk).
Secondary information
- Type
- Written question
- Reference
- 14341
- Session
- 2023-24
- Subjects
- Friendly societies Misconduct Financial Conduct Authority
- Link
- View this Written question on www.parliament.uk
Librarians' tools
- Timestamp
- 2024-02-27 10:51:39 +0000
- URI
- http://data.parliament.uk/writtenparliamentaryquestion/commons/2023-24/14341
- In Indexing
- http://indexing.parliament.uk/Content/Edit/1?uri=http://data.parliament.uk/writtenparliamentaryquestion/commons/2023-24/14341
- In Solr
- https://search.parliament.uk/claw/solr/?id=http://data.parliament.uk/writtenparliamentaryquestion/commons/2023-24/14341