§ Mr. Michael Forsythasked the Secretary of State for Trade and Industry what representations he has received from small firms regarding the rules laid down for membership of FIMBRA; and if he is satisfied that allowance is being made for the level of resources available to those businesses.
§ Mr. HowardAs I indicated in my answer today to the hon. Member for Brentwood and Ongar (Mr. McCrindle), about 50 right hon. and hon. Members have written to me concerning FIMBRA, and members of the public have also made representations. The rules of bodies intending to apply to become recognised self-regulating organisations under the Financial Services Act are a matter for them but it will not be possible for such a body to be recognised unless it meets the criteria for recognition and its rules contain no anti-competitive effects greater than is necessary for the protection of investors.