A Commons committee has called for the Financial Services Authority to be
given new powers to regulate treasury advice to public sector bodies on how to
manage cash reserves.
The demand is contained in a report on the management of local authority
investments in the wake of the risk of losses as a result of the collapse of
Under current rules cash deposits and professional advice relating to such
monies remain an “unregulated” activity outside the FSA’s remit.
The all-party committee called for a change in legislation so the FSA can
regulate the provision of advice by treasury management advisers to NHS trusts,
housing organisations and universities as well as local authorities and
potential conflicts of interest.
MPs complained some advisers used “authorised and regulated by the FSA” in
their letter heads when the provision of this kind of advice was not regulated.
They welcomed the intention of
to produce more information to local authorities.
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Head of editorial Kevin Reed discusses this week's important accountancy news, including Brexit and audit market evolution