PARLIAMENTARY WRITTEN QUESTION
Friendly Societies: Misconduct (16 February 2024)
Question Asked
To ask the Chancellor of the Exchequer, if he will take steps to ensure that the Financial Conduct Authority is able to penalise misconduct by officers of friendly societies.
Asked by:
Taiwo Owatemi (Labour)
Asked by:
Taiwo Owatemi (Labour)
Answer
The Financial Conduct Authority (FCA) has the power to prosecute offences by officers under the Friendly Societies Act 1974 and Friendly Societies Act 1992 .
In addition, for friendly societies authorised and regulated to conduct regulated activities under the Financial Services and Markets Act 2000 (FSMA), the FCA has an extensive range of disciplinary, criminal and civil powers to take action against regulated and non-regulated firms and individuals who are failing or have failed to meet the standards it requires.
The FSMA powers are stated in the FCA’s Enforcement Guide which can be found here: Enforcement Information Guide (fca.org.uk).
Answered by:
Bim Afolami (Conservative)
26 February 2024
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