Clause 14

Part of Financial Services Bill – in a Public Bill Committee at 11:00 am on 15 December 2009.

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Photo of Ian Pearson Ian Pearson Economic Secretary, HM Treasury 11:00, 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 believes—we support it—that 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 suspension—rather than a fine—as a credible deterrent from taking inappropriate action. That is why it is sensible and reasonable to add to the powers.