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Author | : Great Britain. Parliament House of Commons. Communities and Local Government Committee |
Publisher | : |
Total Pages | : |
Release | : 2009 |
Genre | : Local government |
ISBN | : |
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Author | : Great Britain: Parliament: House of Commons: Communities and Local Government Committee |
Publisher | : The Stationery Office |
Total Pages | : 84 |
Release | : 2009-06-11 |
Genre | : Business & Economics |
ISBN | : 9780215530660 |
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The collapse of Icelandic financial institutions in the autumn of 2008 brought to light not only the surprisingly large amounts of money invested by local authorities, but also the fact that local authorities had invested nearly £1 billion in Iceland, funds that were consequently at risk. This prompted the Committee to launch an inquiry into local authority investments, in order to understand current practice, to study the roles and responsibilities of various groups and individuals involved, and to make recommendations intended to limit the exposure of local authority funds to such risk in future. The unusual nature of the recent financial situation should not excuse failures that occurred in local authority financial arrangements. The inquiry reveals a degree of misunderstanding, misinformation and complacency on the part of some crucial players, both within local authorities and in the wider financial sector, which contributed to the putting of taxpayers' money at unnecessary risk. There is significant room for improvement in the guidance and codes of practice for local authorities: to be more explicit in certain areas in order to make the system more transparent; to explain where the responsibilities lie, both in executing and in overseeing treasury management, including more rigorous training and reporting; and to highlight the variations of service on offer by different external service providers. It was the role of external service providers, specifically some of the treasury management advisers, which caused the Committee most concern and the Financial Services Authority should investigate the services provided by them as soon as possible and should take a more active role in their regulation.
Author | : Great Britain: Parliament: House of Commons: Communities and Local Government Committee |
Publisher | : The Stationery Office |
Total Pages | : 164 |
Release | : 2009-06-11 |
Genre | : Political Science |
ISBN | : 9780215530684 |
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Local authority Investments : Seventh report of session 2008-09, Vol. 2: Oral and written Evidence
Author | : Great Britain. Parliament House of Commons. Communities and Local Government Committee |
Publisher | : |
Total Pages | : |
Release | : 2009 |
Genre | : Local government |
ISBN | : |
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Author | : Christopher Orndorff |
Publisher | : Irwin Professional Publishing |
Total Pages | : 0 |
Release | : 1997 |
Genre | : Investment of public funds |
ISBN | : 9780786308163 |
Download Investing Local Government Funds Book in PDF, ePub and Kindle
Author | : E. T. Cobb |
Publisher | : |
Total Pages | : 73 |
Release | : 1972 |
Genre | : Investment of public funds |
ISBN | : 9780900981050 |
Download Investments of Local Authorities Book in PDF, ePub and Kindle
Author | : Bernard Augustus Williams |
Publisher | : |
Total Pages | : 396 |
Release | : 1967 |
Genre | : Great Britain |
ISBN | : |
Download Capital Finance and Investments of Local Authorities Book in PDF, ePub and Kindle
Author | : Great Britain: Parliament: House of Commons: Communities and Local Government Committee |
Publisher | : The Stationery Office |
Total Pages | : 24 |
Release | : 2010-01-26 |
Genre | : Business & Economics |
ISBN | : 9780215543592 |
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This report is a follow up report to the Committee's June 2009 report looking at the management of local authority investments (HC 164-I, 7th report session 2008-09, ISBN 9780215530660). Under current rules cash deposits and professional advice relating to such monies remain an 'unregulated' activity outside the FSA's remit. The Committee calls on the Government to make the simple legislative change necessary to allow the FSA to regulate the provision of such advice. The FSA must then use these powers to scrutinise both the services provided and the professional independence of companies that offer local authorities 'treasury management' advice.
Author | : Audit Commission for Local Authorities in England and Wales |
Publisher | : |
Total Pages | : 34 |
Release | : 1988 |
Genre | : Government property |
ISBN | : |
Download Local Authority Property Book in PDF, ePub and Kindle
Author | : Great Britain. Local Authority Housing Finance Division |
Publisher | : |
Total Pages | : 20 |
Release | : 1992 |
Genre | : Public housing |
ISBN | : |
Download The Development of the Local Authority Housing Investment Programme Process Book in PDF, ePub and Kindle