§ Mr. David ShawTo ask the Secretary of State for Trade and Industry if he will amend the Financial Services Act to make principals responsible for all products sold by their tied agents.
§ Mr. RedwoodUnder the Financial Services Act, a principal is responsible for its appointed representatives'390W actions in carrying on investment business for which the principal has accepted responsibility in writing. It is for the Securities and Investments Board and the self-regulating bodies to consider what requirements should be imposed on principals in relation to the activities of their appointed representatives. I have no plans to amend the Financial Services Act in this regard.