§ Mr. McCrindleasked the Secretary of State for Trade and Industry when he will bring into force section 105 of the Financial Services Act; and how he proposes to use its powers.
§ Mr. HowardSection 105, which enables the Secretary of State to investigate investment businesses, comes into force today.
Subsection (2) makes special provision for members of recognised self-regulating organisations and professional bodies. It is not yet possible for an organisation or body to apply for recognition. In the meantime, the Secretary of State will consult an organisation or body which he believes is likely to receive recognition, before deciding whether to use the section 105 powers to investigate any part of its member's affairs regulated by that organisation or body.