HC Deb 17 February 1988 vol 127 cc607-8W
Mr. Blair

To ask the Chancellor of the Duchy of Lancaster what representations he has received from interested bodies concerning applications to register with self-regulating organisations under the Financial Services Act.

Mr. Maude

I have received many representations about this and other aspects of the Financial Services Act.

Mr. Blair

To ask the Chancellor of the Duchy of Lancaster whether he has any estimate of the number of applications currently before the self-regulating organisations or the Securities and Investments Board.

Mr. Maude

I am informed by the Securities and Investments Board that the number of applications by investment businesses for authorisation by a recognised self-regulating organisation or the Securities and Investments Board which were either approved or in the course of consideration as at 12 February 1988 was approximately 9,800.

Mr. Blair

To ask the Chancellor of the Duchy of Lancaster what plans he has to advertise further the time limits for applications before self-regulating organisations or the Securities and Investments Board.

Mr. Maude

My Department will be issuing a further series of advertisements in both national and regional press drawing to the attention of investment businesses the need to apply for authorisation before 27 February. This follows two earlier series of advertisements which, regrettably, some investment businesses seem to have ignored.

Mr. Blair

To ask the Chancellor of the Duchy of Lancaster whether he is satisfied that the Securities and Investments Board and the self-regulating organisations have adequate staff and resources to deal with the applications before them; and if he will make a statement.

Mr. Maude

The then Secretary of State concluded before proposing the transfer of functions to the SIB in May 1987 that the staff and resources available to it were sufficient for the time. I believe that still to be the case. Before recognising a self-regulating organisation under the Act, the SIB is required to satisfy itself as to a number of factors, including the adequacy of the organisation's resources. I see no reason to differ from SIB's judgment.