§ Mr. John MarshallTo ask the Chancellor of the Duchy of Lancaster what surveys have been made of the cost to firms of complying with the Financial Services Act.
§ Mr. MaudeThe most significant survey has been the one commissioned by the Director General of Fair Trading into the impact of the new regulatory regime on independent advisers. Rigorous assessment of costs more generally has been complicated by the transitional arrangements provided for the introduction of various rules. The Director General has, however, indicated in his reports made under the Act that he intends to review the costs of compliance in a number of areas as part of his continuing responsibility for reviewing the effects on competition of the requirements introduced under the Act.