§ Mr. CousinsTo ask the Secretary of State for Trade and Industry what representations he has received about inadequacies in the performance of compliance officers; and from whom they came.
§ Mr. Redwood[holding answer 17 July 1990]: The Securities and Investments Board and the self-regulating organisations employ compliance officers to check that investment businesses comply with the regulatory requirements in the financial services sector. This includes assessing the adequacy of compliance procedures in licensed businesses under their regulatory control. These bodies themselves are responsible for the performance of their own officers. I receive complaints about inadequacies from time to time, which are pursued by the relevant bodies in the most appropriate way.