§ Lord Parryasked Her Majesty's Government:
Whether they are satisfied that the proposed Financial Services Act will promote open authorisation decisions by regulatory bodies.
§ Lord Lucas of ChilworthThere will be a public register of authorised businesses, but there is no requirement for authorisation decisions to be taken in public. Recognised self-regulating organisations will, however, be required to have fair and reasonable rules and practices relating to the admission and expulsion of members. The designated agency will have to consider applications for its authorisation in accordance with the criteria set out in the Act and it will not be able to refuse or withdraw its authorisation without notifying the person concerned of his right to have his case investigated by the Financial Services Tribunal. The tribunal's report will be sent to the person who sought the reference and the report may also be published.