§ Mr. CousinsTo ask the Chancellor of the Exchequer pursuant to his answer to the hon. Member for Southport (Mr. Banks) of 27 June,Official Report, column 235, if he will list the number and nature of relevant representatives that were consulted, the basis of their selection, and the criteria of relevance. [38906]
§ Mrs. Angela KnightThe Law Commission's report (No. 236) on fiduciary duties and regulatory rules was published in December 1985. This provided an opportunity for interested participants within the financial services industry to consider the implications of the recommendation that legislation would be desirable to clarify the effect of Chinese wall arrangements.
The Treasury received no representations supporting the Law Commissions' recommendations. Moreover, both the Securities and Investments Board and the London Investment Bank Association did express the view that there was no compelling reasons to amend the Financial Services Act 1986 as recommended by the Law Commission, and much to be gained from relying on the legal precedents set since the Financial Services Act came into force.