§ Mr. Teddy TaylorTo ask the Chancellor of the Exchequer what areas of trade in banking and insurance business will still be subject to national controls and restrictions after the 1992 plans have been implemented.
§ Mr. Ryder[holding answer 13 November 1989]: The single market directives affecting financial services aim to open up the market within a framework based on mutual recognition and the "single passport" which will allow firms authorised in one member state to then do business throughout the Community. Banking and insurance will remain subject to national legislation, which will be modified as necessary to provide for the implementation of these directives. The scope and effect of the relevant directives are explained in the booklet "The Single Market: financial services" published by the Department of Trade and Industry in September 1989, copies of which are in the Library.