Part of Financial Services Bill – in a Public Bill Committee at 11:00 am on 15 December 2009.
As I outlined to the Committee a few moments ago, at present the FSA cannot suspend a firm as a disciplinary sanction. The FSA believeswe support itthat the ability to suspend a firm as a disciplinary sanction is a useful way for the FSA to add to its powers. Many firms will see the threat of suspensionrather than a fineas a credible deterrent from taking inappropriate action. That is why it is sensible and reasonable to add to the powers.