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Allister renews calls on DETI to face up to responsibilities on PMS losses

22 April 2009

Statement by Traditional Unionist MEP Jim Allister QC:-

"The revelation that the FSA did indeed find that the PMS "was conducting regulated activities without the necessary authorisation or exemption", is, in my opinion, a very significant finding with far-reaching ramifications as to HMG's liability.

This amounts to a finding of oversight failure by the DETI appointed Registrar, for whom, I believe, DETI carries vicarious liability. The essence of the situation is that PMS, unchallenged by the Registrar or DETI, was operating inappropriately by engaging in activities which ought to have been FSA regulated. If they had been so regulated, then the investors would have had protection. Such failure cannot be ignored. Thereby, I suggest, liability falls on HMG via DETI.

I am disappointed that to date, though these failings arose predominantly when DETI was controlled under Direct Rule, there remains an avoidance of responsibility-taking by DETI under devolution. Now, is the time for DETI to face up to its responsibilities and not just acknowledge its failings, in light of the FSA finding, but the consequential burden on government to grant to the investors the protection which they would have had if DETI had performed its oversight duties adequately."

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