§ Mr. Darling
To ask the Chancellor of the Exchequer what discussions he has had with the Securities and Investments Board concerning the future of LAUTRO and FIMBRA and their proposed successor bodies; and if he will make a statement.
§ Mr. Nelson
Recognition of a self-regulatory organisation is a matter for the Securities and Investments Board. It would be inappropriate for the Treasury to be involved in drawing up detailed plans for the Personal Investment Authority. Nevertheless, I welcome the progress made so far and see imporant advantages for investor protection if the PIA were established to regulate private investor business with the support of firms who do business in that sector.