HC Deb 01 March 1989 vol 148 cc188-9W
Mr. Hind

To ask the Chancellor of the Duchy of Lancaster whether he has any plans to seek to amend the Financial Services Act 1986.

Mr. Maude

My right hon. and noble Friend the Secretary of State has today published a consultative document proposing two amendments to the Financial Services Act. The first amendment would provide a new basis for the assessment by the Securities and Investments Board of the rules of a self-regulating organisation. The second amendment would enhance the ability of the board and of recognised self-regulating organisations, when carrying out functions under the Act, to rely upon other regulators of the same or similar kinds of financial services. It is intended to effect any changes by means of amendments to the Companies Bill currently being considered in another place. Comments are invited on the proposals by 31 March. A copy of the consultative document has been placed in the Library of the House.