§ Mr. CousinsTo ask the Secretary of State for Trade and Industry what methods of redress exist, arid what compensation schemes apply, to those clients with complaints against members of the Investment Brokers Registration Council.
§ Mr. RedwoodI assume the hon. Member means the Insurance Brokers Registration Council. The council's rules provide for the investigation of complaints and, as appropriate, disciplinary action against registered brokers. The council also requires registered brokers to have professional indemnity insurance. In addition the council operates a grants scheme under which it can pay compensation in cases of negligence, fraud or other dishonesty, or a failure to account for clients' funds, by a registered broker.