§ Mr. McCrindleasked the Secretary of State for Trade and Industry if he will consider bringing in provisions of the Financial Services Act relating to the conduct of investment business in the United Kingdom without a licence, with immediate effect; and if he will make a statement.
§ Mr. HowardIt would not be possible to implement immediately the provisions which require investment businesses to be authorised, because it is necessary first to give such businesses an opportunity to obtain authorisation. Our intention is that the agency should be designated, the self-regulating organisations and professional bodies recognised and an interval allowed for businesses to apply816W to them, before bringing into force the requirement to be authorised. I hope that it will be possible to complete the last of these stages during the second half of 1987.