HC Deb 18 February 1987 vol 110 cc629-30W
Mr. Maxwell-Hyslop

asked the Secretary of State for Trade and Industry which members of the Securities and Investments Board meet the requirements of paragraph 1(3) of schedule 7 to the Financial Services Act 1986 in respect of persons carrying on investment business who are sole traders with a commission income not greater than £25,000 per annum.

Mr. Howard

The Securities and Investments Board has recently requested the transfer to it of powers under the Financial Services Act. Its governing body includes both persons with experience of investment business and other persons. I cannot anticipate the decision whether the board satisfies the requirements laid down in the Act. I am not aware that any present members of the board are engaged in business of a kind described by my hon. Friend. However, members of the board have been appointed on a personal not a representative basis.