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Mps Claim Fsa Misled Select Committee Over Iceland

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http://www.telegraph.co.uk/finance/finance...er-Iceland.html

In a hard-hitting report the Communities and Local Government Committee, which is investigating why local authorities deposited more than £1bn with Icelandic banks, criticised the regulator.

"Answers from the FSA are unhelpful to the point where we wonder whether they might constitute deliberate obfuscation", MPs on the committee claimed. The public criticism is deeply embarrassing for the FSA.

Alongside the criticism of the FSA's evidence, the MPs also accused the regulator of abrogating its responsibilities to regulate treasury management advisers. "We strongly suspect that the clear answer to our question of what steps the FSA has actually taken to regulate treasury advisers is "none". Given the large sums which are in stake in local authority treasury management, we consider this to be an abrogation of responsibility," wrote the MPs.

A spokesman for the FSA said: "We absolutely refute the charge of obfuscation. We endeavoured to be helpful to the Committee by providing the information they requested."

Meanwhile ICAP, the interdealer broker, has hit back at suggestions that its dual role as broker and adviser to the local authorities was a conflict of interest.

"There are no conflicts of interest. There is no relationship between the brokering part of ICAP and the advisory business," said a spokesman.

It's handbag time.

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Guest DissipatedYouthIsValuable

"You didn't tell us that a little fishing rock with limited scope for seignorage wouldn't have a safe banking system."

Horseshit.

Edited by DissipatedYouthIsValuable

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Giving vast sums of money to an organisation that had Kerry Katona responsible for marketing was probably never going to be a good idea.

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"There are no conflicts of interest. There is no relationship between the brokering part of ICAP and the advisory business," said a spokesman.

Didn't Foxtons said that with their mortgage broking arm.

But the actual interaction was shocking.

Not implying that ICAP are lying, they are not Satan's own EA for a start.

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"You didn't tell us that a little fishing rock with limited scope for seignorage wouldn't have a safe banking system."

Horseshit.

ROFLMAO,

Quote the article "abrogating its responsibilities" responsibilities to WHO exactly? Given most FSA are former city workers.

The fact the article implies anyone at the (hugely expensive FSA) had a Scooby Doo what risks were being taken on I find hugely offensive!

It's not like they didn't get the warnings shots from many a now unemployed "Risk Managers" in the form of registered letters! ..Blind eye? Back Handers? or plain old deliberate non conformance.

Run off with the rewards and blame the system, SWEET.

The sooner the EU pop a cap in their **** the better and they will!

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Giving vast sums of money to an organisation that had Kerry Katona responsible for marketing was probably never going to be a good idea.

wotsh you meansh by thatsh ?

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Guest happy?

Far more than handbags:

http://www.independent.co.uk/news/uk/polit...gs-1702152.html

The business empire of the Conservative Party treasurer and chief fundraiser Michael Spencer should be investigated over the propriety of its dealings with local councils and other public bodies, MPs say today.

The Communities Select Committee say in a scathing report that the Financial Services Agency (FSA) should investigate whether it is appropriate for one part of Mr Spencer's ICAP empire to assist council finance officers with council investments while another part receives fees for brokering the deals. This could give rise to "actual or perceived conflicts of interest", it said. The FSA said it would consider the request.

The report comes after The Independent revealed that 51 councils who lost £470m when Iceland's banking system collapsed employed Butlers – an ICAP subsidiary – as their treasury management advisors. ICAP in turn received commission from Icelandic banks for brokering 16 per cent of those investments.

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