Treasury written question – answered at on 9 September 2011.
To ask Mr Chancellor of the Exchequer how many senior banking executives and directors have been investigated by (a) the Financial Services Authority and (b) the police for submitting fraudulent expenses in each of the last five years.
The Financial Services Authority is not a fraud prosecutor; therefore the investigation of matters such as fraudulent expenses falls primarily to other enforcement agencies such as the police or the Serious Fraud Office (SFO). However, if the police or the SFO, or the FSA in the course of carrying out its regulated activities, found that a person who held an FSA controlled function had submitted a fraudulent expenses claim, the FSA would consider the matter in the light of the fit and proper criteria for approved persons and take appropriate action, which could include investigation and disciplinary action such as a financial penalty or prohibition.
The Home Office is responsible for collecting data on police recorded crime. However, information on the number of senior banking executives and directors that have been investigated by the police for submitting fraudulent expenses is not collected centrally.
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