Financial Services Industry (Hansard, 8 December 1988)

§ Mr. Nicholas Winterton
To ask the Chancellor of the Duchy of Lancaster what specialist training is given to those officers of his Department who are responsible for the monitoring of the financial services industry.

§ Mr. Maude
The effect of the Financial Services Act is that monitoring of the financial services industry is a matter for the Securities and Investments Board and the bodies recognised by it. Questions as to the training of officers of those bodies are for the bodies themselves.

§ Mr. Nicholas Winterton
To ask the Chancellor of the Duchy of Lancaster what information he has concerning the training and qualifications of the officers and personnel of FIMBRA and other self-regulatory organisations responsible for vetting membership applications for FIMBRA and those other organisations.

§ Mr. Maude
This is a matter for FIMBRA and the Securities and Investments Board.

§ Mr. Nicholas Winterton
To ask the Chancellor of the Duchy of Lancaster (1) what information he has concerning the proportion of the income of FIMBRA that is allocated to the investigation of the background of those companies seeking membership;
(2) if he will list all those companies or individuals who have been suspended by FIMBRA or any other self-regulatory organisation and indicate in each case the reason for that suspension.

§ Mr. Maude
This is a matter for FIMBRA.

§ Mr. Nicholas Winterton
To ask the Chancellor of the Duchy of Lancaster how regularly he and the officers of his Department meet with FIMBRA and other self-regulatory organisations.

§ Mr. Maude
Frequently.

§ Mr. Nicholas Winterton
To ask the Chancellor of the Duchy of Lancaster how many representations his Department has received concerning the work of FIMBRA since its establishment.

§ Mr. Maude
The information is not available in the form requested.

§ Mr. Nicholas Winterton
To ask the Chancellor of the Duchy of Lancaster if he will make it his policy to require260W self-regulatory organisations automatically to inform his Department of applications which they receive for membership.

§ Mr. Maude
No.

§ Mr. Nicholas Winterton
To ask the Chancellor of the Duchy of Lancaster if he has any plans to review the self-regulatory aspects of the financial services legislation.

§ Mr. Maude
No.

§ Mr. Nicholas Winterton
To ask the Chancellor of the Duchy of Lancaster on what date his Department first adopted the policy of automatically contacting NASDIM about applicants for licensing by his Department under past financial services legislation; and on what date NASDIM was first recognised as an acceptable alternative to licensing by his Department.

§ Mr. Maude
The Department maintained a list of bodies which it automatically consulted when it received an application for a licence to deal in securities under the Prevention of Fraud (Investments) Act 1958. NASDIM was added to this list at the beginning of 1985. The order declaring NASDIM a recognised association of dealers in securities under section 15 of the Prevention of Fraud (Investments) Act was made on 28 November 1983 and came into effect on 31 December 1983.