Financial Services (Hansard, 6 December 1989)

§ 21. Mr. McAllion
To ask the Secretary of State for Trade and Industry what representations he has received on the regulation of financial services.

§ Mr. Ridley
I receive a considerable number of representations on a variety of topics relating to the290W regulation of financial services. We consider very carefully those which relate to the scope of the framework of the regulatory system, or the powers under the Financial Services Act which the Government retain. Those which relate to matters which are the responsibility of the SIB or another regulatory authority are passed to the appropriate body.

§ 25. Mr. Buckley
To ask the Secretary of State for Trade and Industry what steps have been taken to ensure that the Financial Services Act is being operated to the benefit of the investor.

§ 106. Mr. Murphy
To ask the Secretary of State for Trade and Industry what steps have been taken to ensure that the Financial Services Act is being operated to the benefit of the investor.

§ Mr. Ridley
I am satisfied that the Financial Services Act is operating in accordance with its central aim, which is to protect investors.

64. Mr. Greenway
To ask the Secretary of State for Trade and Industry if he will review the operation of legislation affecting the regulation of insurance brokers and other independent financial advisers; and if he will make a statement.

§ Mr. Redwood
Insurance brokers are regulated under the Insurance Brokers Registration Act 1977 (IBRA) and in addition, in respect of their business activities, under the Financial Services Act 1986 (FSA). I have no plans to review the operation of the IBRA. A number of changes to the FSA are included in the new Companies Act which may affect the regulation of independent financial advisers, including insurance brokers in respect of their investment business activities. I have no plans to review further the operation of the FSA.

§ 88. Mr. McKelvey
To ask the Secretary of State for Trade and Industry what representations he has received on the regulation of financial services.

§ Mr. Redwood
I receive a considerable number of representations on a variety of topics relating to the regulation of financial services. We consider very carefully those which relate to the scope of the framework of the regulatory system, or the powers under the Financial Services Act which the Government retain. Those which relate to matters which are the responsibility of the SIB or another regulatory authority are passed to the appropriate body.