Wes Streeting – 2016 Parliamentary Question to the HM Treasury

The below Parliamentary question was asked by Wes Streeting on 2016-01-25.

To ask Mr Chancellor of the Exchequer, pursuant to the oral contribution of the Economic Secretary to the Treasury of 19 January 2016, Official Report, column 1254, what the nature and scope is of the Financial Conduct Authority’s investigation into Symphony interbank communications software.

Harriett Baldwin

The FCA does not directly regulate the activities of Symphony Communication Services LLC or any other electronic messaging platform. However, firms that are authorised by the FCA who use messaging services such as Symphony are subject to a range of applicable requirements, including the recording and storage of such tapes and electronic communications. The FCA is monitoring developments in relation to the use of Symphony by FCA-regulated firms.

The FCA is also in touch with regulated firms to monitor how they are using new technology in this area, and any risks that may exist.

Treasury Ministers and officials meet regularly with the Financial Conduct Authority to discuss relevant regulatory issues.

As was the case with previous Administrations, it is not the Treasury’s practice to provide details of all such discussions.