§ Mr. McCrindleasked the Secretary of State for Trade and Industry if it remains his policy that the self-regulatory organisations created under the Financial Services Act are the most appropriate agencies for the purpose of licensing of salesmen of financial products; and if he will make a statement.
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§ Mr. HowardRecognised self-regulating organisations are an important part of the regulatory framework which is being set up by the Financial Services Act. It is in the first instance for applicants for recognition to decide whether to include in their rules a system of licensing of salesmen employed by their members. It will then be for the Secretary of State or designated agency to decide whether the rules as a whole provide an adequate level of investor protection.