§ 42. Mr. Maplesasked the Secretary of State for Trade and Industry what representations he has received in the last month concerning regulation in the financial services sector.
§ Mr. HowardMy right hon. Friend received the Securities and Investments Board's request for transfer of powers on 10 February. As required by the Financial Services Act, my right hon. Friend has sent to the Director General of Fair Trading a copy of the material submitted by the SIB. My right hon. Friend and I have received a number of letters concerning the SIB's proposals, which will be fully considered. If after considering the Director General's report and any other points put to him he is satisfied that the requirements of the Act have been met, my right hon. Friend will lay the necessary order as soon as possible.
§ 55. Mr. McCrindleasked the Secretary of State for Trade and Industry if he has received recent representations on the cost of authorisation under the Financial Services Act 1986.
§ Mr. HowardAbout 50 right hon. and hon. Members have written to me about particular aspects of the cost of authorisation under the Financial Services Act. There have been a number of letters on the same topic from members of the public.