§ Mr. Butterfillasked the Secretary of State for Trade and Industry if he will make a statement about the proposals from the Securities and Investments Board and the Marketing of Investments Board Organising Committee contained in their document, "The Financial Services Bill and the Regulation of Individuals."
§ Mr. HowardLike SIB and MIBOC, I attach considerable importance to high standards of conduct by all those people involved in the financial services sector. I believe that the Financial Services Bill as it now stands provides a range of measures which will promote such high standards and I have come to the conclusion that such benefits as would flow from amending the Bill, as SIB and MIBOC have proposed, to provide for the creation of a centralised register for life assurance and unit trust salesmen, and for tests of competence would be significantly outweighed by the burdens that such a system would impose. I have written to the chairman of MIBOC explaining my reasons and a copy of the letter has been placed in the Library.