§ Sir Anthony GrantTo ask the Chancellor of the Duchy of Lancaster what action has been and is being taken in relation to financial intermediaries who dealt with the Barlow Clowes companies.
§ Mr. MaudeThe Securities and Investments Board, at the request of the Financial Intermediaries Managers and Brokers Regulatory Association, has initiated investigations under section 105 of the Financial Services Act 1986 into certain intermediaries. The board has also obtained orders in the High Court appointing the Official Receiver as provisional liquidator of the Investment and Pensions Advisory Service Ltd. (IPAS) and of the partnership of the same name. Both previously had been prohibited by FIMBRA from carrying on further business. FIMBRA is also making inquiries of members and applicants under its rules, and has restricted or prohibited certain members from carrying on further business.
The Secretary of State has statutory powers to seek information about financial intermediaries. My Department is in touch with the board and FIMBRA to see whether the exercise of those powers would be appropriate.