§ Mr. David ShawTo ask the Secretary of State for Trade and Industry what authorisations the Target Group and National Financial Management Corporation plc held from his Department prior to the commencement of the Financial Services Act.
§ Mr. RedwoodThe main provisions of the Financial Services Act 1986 came into effect on 29 April 1988. Immediately prior to this date, Target Investment Management Ltd. held a principal's licence under the Prevention of Fraud (Investments) Act 1958. Target Life Assurance Company Ltd. and National Financial Management Corporation plc (formerly known as Target Annuities Ltd.) were authorised to write insurance business in classes I-IV, VI and VII. Consumer credit licences covering categories A-F and Z were also held by Target Home Loans Ltd. and National Financial Management Corporation plc.