Financial Services and Markets Bill

HC Deb 17 March 1999 vol 327 cc661-2W

Ms Lawrence

To ask the Chancellor of the Exchequer if he will make a statement on the financial promotion regime under the Financial Services and Markets Bill. [77538]

Ms Hewitt

The Financial Services and Markets Bill provides for a prohibition on unauthorised persons making financial promotions without the approval of an authorised person. The Bill also provides for exemptions from that prohibition to be set out in secondary legislation.

The Treasury has today issued a consultation document on the financial promotion regime under the Bill. Copies have been placed in the Vote Office and the Libraries of the House. The deadline for comments is 30 April. Following consideration of responses, the Treasury will publish further consultation draft secondary legislation setting out proposed exemptions from the prohibition on unauthorised persons making financial promotions.