§ Mr. DenhamTo ask the Chancellor of the Exchequer (1) what criteria are used in the selection of members of the board of the Securities and Investments Board who are to represent the interests of the public under the terms of the Financial Services Act 1986;
(2) when he expects to announce the appointment of new members of the board of the Securities and Investments Board;
19W(3) what assessment he has made of the proper balance on the board of the Securities and Investments Board between members representing the interests of persons carrying on investment business and the interests of the public.
§ Mr. NelsonMy right hon. and learned Friend the Chancellor of the Exchequer announced the appointment to the board on 25 November of Lord Alexander of Weedon, QC, Mrs. Rosalind Gilmore, Mr. John Kennedy, Dr. Oonagh McDonald and Lord Stewartby and on 2 December of Mr. Andrew Winckler who has been appointed head of SIB's supervision division. My right hon. and learned Friend and the Governor of the Bank of England have taken this opportunity to restructure the board in line with the recommendations in Andrew Large's review of financial services regulation published last May "Making the Two Tier System Work". All board members are appointed in a personal capacity and do not serve as representatives of particular interests or associations.
§ Mr. DenhamTo ask the Chancellor of the Exchequer (1) when he expects the Personal Investment Authority to take over the responsibilities of current self-regulatory organisations;
(2) what action he is taking to rationalise the number of regulatory bodies governing the financial services industry;
(3) what action he is taking to ensure the swift and successful setting up of the Personal Investment Authority.
§ Mr. NelsonI understand that the PIA intends to apply to SIB for recognition in the next few months.
§ Mr. DenhamTo ask the Chancellor of the Exchequer what action he is taking to monitor the performance of the investment funds associated with endowment mortgages; and if he will make a statement.
§ Mr. NelsonThe Treasury has no role in monitoring the performance of investment funds.
§ Mr. DenhamTo ask the Chancellor of the Exchequer what plans he has to instruct the relevant regulatory bodies to introduce a statutory qualification for(a) tied insurance salespeople and (b) independent financial advisers.
§ Mr. NelsonThe Securities and Investments Board, the regulatory body which is the designated agency under the Financial Services Act 1986, recently approved new training and competence requirements.