§ Mr. HardyTo ask the Secretary of State for Trade and Industry what action he will take with regard to the regulatory position in the light of the case of Dunsdale Securities; and if he has any plans to increase the powers of the Financial Intermediaries, Managers and Brokers Regulatory Association.
§ Mr. RedwoodIt is the responsibility of the Securities and Investments Board to ensure that the regulatory framework established by its own rules and those of the self-regulating bodies, including FIMBRA, provides the appropriate level of protection for investors. The Secretary of State has responsibilities for general oversight of the regulatory system under the Financial Services Act, but not for its day-to-day operation.