§ Sir Robert McCrindleTo ask the Secretary of State for Trade and Industry (1) what plans he has to meet the chairmen of individual banks to discuss their status as an independent financial adviser; and if he will make a statement;
(2) what discussions he has had with regulators under the Financial Services Act 1986 on ways to encourage banks to provide independent financial advice or advice based on tied association with a provider but not both; and if he will make a statement.
§ Mr. RedwoodThe arrangements governing the provision of investment advice under the Financial Services Act, which are primarily a matter for the Securities and Investments Board, are being considered as part of its review of retail regulation.