Schedule 16 - Provision of financial services by members of the professions

Part of Financial Services Bill – in a Public Bill Committee at 3:30 pm on 15th March 2012.

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Photo of Chris Leslie Chris Leslie Shadow Minister (Treasury) 3:30 pm, 15th March 2012

I do not know that we need to enter into correspondence on these matters; it would be better to deal with them in Committee. I was looking for light to be shone on how the respective roles of the professional bodies and the FCA are likely to co-exist. There is a rather broad-ranging responsibility on the FCA to keep itself informed of the work of the professional bodies. What does the Minister expect the FCA to do to fulfil that responsibility to keep itself informed? Is it going to have regular monthly or quarterly discussions with the professional bodies? What sort of relationship are we talking about? Is an extra memorandum of understanding being generated? What costs would be involved?