HC Deb 29 January 1979 vol 961 cc1025-6
23. Mr. Wrigglesworth

asked the Secretary of State for Trade when he last met the chairman of the Council for the Securities Industry.

Mr. John Smith

I have not yet had an opportunity to meet him.

Mr. Wrigglesworth

When my right hon. Friend does meet the chairman, will he tell him that some of us on the Labour Benches would have much greater faith in the Council for the Securities Industry if it had a rather higher profile and we could see some of the work that it was doing? Will he also discuss with him the relationship between the officials of his Department and the activities of the council? Is there not a need for officials of the Department to be closely involved in the council's activities and, indeed, possibly to be seconded to it?

Mr. Smith

The Council for the Securities Industry is a self-regulatory body. As to whether it should give more publicity to its activities, that is, in the first instance, a matter for the council, but I shall ensure that the hon. Gentleman's concern about that matter is conveyed to the chairman.

As my hon. Friend is aware, there is sometimes a suggestion that we should have stricter Government direct involvement in control of the securities market, but he will also be aware that that is a question which is currently being considered by the committee on the functioning of the financial institutions.