§ Mr. LoughtonTo ask the Chancellor of the Exchequer what account has been taken of recent rulings outlawing the pre-authorisation of financial products by the EU in the Government's proposals for a voluntary benchmarking system of life insurance-based savings products within the ISA. [36800]
§ Mr. Geoffrey Robinson[holding answer 30 March 1998]: The prohibition in the Third Life Directive will not apply since the proposed benchmark standards will be voluntary and will not involve either prior approval or systematic notification of insurance ISAs before they can be marketed. The Treasury will issue a consultation document on benchmarking ISAs in the next few weeks.
§ Mr. LoughtonTo ask the Chancellor of the Exchequer what assessment has been made of the cost to the finance industry of new computer systems required to deal with the new ISA product from April 1999. [36776]
§ Mr. Geoffrey Robinson[holding answer 30 March 1998]: As stated in Budget Press Release, Inland Revenue 2, published on 17 March, a compliance cost assessment will be published when draft regulations for the new account are issued for consultation around the beginning of May.