§ Mr. Baldry
asked the Secretary of State for Trade and Industry if the Government have any plans to seek to change the penalties for insider dealing.
§ Mr. Channon
Insider dealing is a serious offence which can do great damage to confidence in our financial institutions. We have decided that the maximum penalties should reflect this. My right hon. Friend the Home Secretary will therefore be bringing forward an amendment to the Criminal Justice Bill for consideration in Committee to increase the penalty for insider dealing to a maximum term of seven years imprisonment on conviction on indictment. Our commitment to vigorous enforcement will, if Parliament agrees, be backed up by penalties which fit the crime and provide an effective deterrent.
§ Mr. Howard
I would refer the hon. Member to my answer to the hon. Member for Battersea (Mr. Dubs) on 10 December 1986, at column 335, and to my right hon. Friend the Secretary of State for Trade and Industry's answer to my hon. Friend the Member for Banbury (Mr. Baldry) today.