§ 27. Mr. Murphy
To ask the Secretary of State for Trade and Industry if he will make a statement on the efficacy of the system of financial services regulation set up since 1979.
§ Mr. Redwood
The Financial Services Act 1986, which came into force in April 1988, established a comprehensive structure for the protection of investors and regulation of investment business in the United Kingdom. Under the Act, the Securities and Investments Board has prime responsibility for ensuring that the appropriate standard of protection for investors is provided in respect of persons carrying on investment business.