§ Sir William ClarkTo ask the Chancellor of the Duchy of Lancaster whether he will take steps to publicise the purpose of the Financial Services Act 1986 to increase protection available to investors in the light of the campaign in the national press which suggests that insurance company salesmen are inherently less able to serve the needs of the public than independent financial advisers.
§ Mr. MaudeThe rules made under the Financial Services Act have the effect that those selling or advising upon life insurance or unit trusts must be either appointed representatives of one provider of wholly independent intermediaries. Both will be subject to rules under the Act designed to protect investors. It is up to investment businesses to choose which of these two routes to follow, and investors are free to choose between them on their merits. The content of advertising, so long as it is not misleading and does not contravene any relevent regulations, is not a matter for me.