HC Deb 28 April 1995 vol 258 c731W
Mr. David Nicholson

To ask the Chancellor of the Exchequer, how many individual offences against section 47 of the Financial Services Act 1986 have been recorded by the Securities and Investments Board since April 1988; and what measures have been taken by the Securities and Investments Board or his Department to notify victims that they have a legal right to ask the police to investigate these offences. [20833]

Mr. Nelson

Prosecution powers in relation to section 47 have not been transferred to the Securities and Investments Board nor are they exercised by the Treasury. These powers can be exercised by the Department of Trade and Industry, the Serious Fraud Office, the Crown Prosecution Service and the procurators fiscal in Scotland.

Mr. David Nicholson

To ask the Chancellor of the Exchequer whether, on the various occasions that Treasury Ministers and officials have met pensions industry practitioners and regulators, they discussed(a) section 47 offences and pensions mis-selling and (b) the provision of information to victims that they had the right to ask the police to investigate such offences. [20835]

Mr. Nelson

No.

Mr. David Nicholson

To ask the Chancellor of the Exchequer whether, on the occasion of its pensions initiative in October 1994, the Securities and Investments Board referred to(a) the gravity of the offence of mis-selling pensions, (b) prison terms possibly resulting and (c) the fact that victims have the legal right to involve the police in investigations. [20834]

Mr. Nelson

I can add nothing further to my answer to the hon. Member of 30 March 1995,Official Report, column 727.

Mr. David Nicholson

To ask the Chancellor of the Exchequer, how far(a) his Department, and (b) the Securities and Investments Board, have day-to-day policy control over offences under section 47 of the Financial Services Act 1986; and what information about this control provided to those making representations over the mis-selling of pension and other investment products. [20836]

Mr. Nelson

The Treasury is responsible for the general policy expressed in the legislation. On specific contraventions of section 47 and information provided in relation to mis-selling, I refer the hon. Member to my answers of 30 March 1995,Official Report, column 727.