To ask the Chancellor of the Exchequer what recent assessment he has made of the effectiveness of the Financial Services Authority in relation to the regulation of independent financial advisers.

The Financial Services Authority (FSA) is an independent body, given statutory powers by the Financial Services and Markets Act 2000 (FSMA). Its day-to-day activities, including the regulation of independent financial advisers, are conducted independently of Government. The Government do not undertake assessments of the effectiveness of discrete FSA activities.