To ask the Chancellor of the Exchequer if he will assess the effect of fining Royal Bank of Scotland for breaching sanctions against Iran on the Government's assessment of the efficacy of (a) UK criminal law pertaining to financial crime and (b) the Financial Conduct Authority's ability to regulate the financial sector.
The fine for the Royal Bank of Scotland was administered by the United States Government for a breach of US sanctions relating to historical US dollar payment processes and controls, and does not relate to UK criminal law.
Any assessment for the Financial Conduct Authority (FCA) will be a matter for it to address. The FCA will reply to the hon. Member directly by letter. A copy of the response will be placed in the Library of the House.