§ Mr. Forthasked the Secretary of State for Trade and Industry what advice he has received from the Securities and Investment Board and the Marketing of Investments Board Organising Committee concerning their future operations.
§ Mr. BrittanThe chairmen of these two bodies have written to me proposing that the effectiveness of the regulatory system put forward in the Financial Services Bill will best be served if responsibility were to be placed in the hands of a single authority. I accept their view, which I know to reflect opinion both of practitioners and consumers and to command much sympathy in the House. I look forward to receiving detailed proposals at the appropriate time in 1986. When the new body is formed, it is intended that its chairman should be Sir Kenneth Berrill and its deputy chairmen should be Mr. Mark Weinberg and Sir Martin Jacomb.