Investment Management Regulatory Organisation

HC Deb 27 January 1988 vol 126 c246W

Mr. Michael Brown

To ask the Chancellor of the Duchy of Lancaster if a decision has been reached on whether to give leave for the recognition under the Financial Services Act of the Investment Management Regulatory Organisation.

Mr. Maude

In accordance with the procedures laid down in the Financial Services Act, the Director General of Fair Trading has submitted to my right hon. and noble Friend a report on the rules and guidance submitted by IMRO to the SIB. Having considered the director general's report, my right hon. and noble Friend has concluded that, on the basis of the information presently available to him, he does not consider the IMRO rules and guidance have, or are intended or likely to have, to any significant extent the effect of restricting, distorting or preventing competition. He has therefore today given his leave to the SIB for the recognition of IMRO.