§ Mr. FrenchTo ask the Secretary of State for Trade and Industry how many people in his Department have responsibility for overseeing the workings of(a) the Securities and Investments Board, (b) the Financial Intermediaries, Managers and Brokers Regulatory Organisation, (c) the Life Assurance and Unit Trust Regulatory Organisation, (d) the Investment Management Regulatory Organisation and (e) the Securities Association.
§ Mr. RedwoodWithin the financial services division of my Department, the responsibilities of six people include, but are not confined to, oversight of the workings of the Securities and Investments Board. Oversight of the self-regulating organisations is the responsibility of the Securities and Investments Board itself.
§ Mr. FrenchTo ask the Secretary of State for Trade and Industry if he will list the names, annual salaries and terms of contract for(a) the chairman, (b) the chief executive and (c) other directors of the Securities and Investments Board; and if he will make a statement.
§ Mr. RedwoodThe names of the board of directors of the Securities and Investments Board together with directors' emoluments are given in the Securities and Investments Board annual report which was laid before the House on 6 June. Sir Mark Weinberg and Mr. Eddie Ray retire from the board on 31 July and Mr. John Craven is appointed a director from 1 August. The terms of contract are a matter for the Securities and Investments Board.
§ Mr. AllenTo ask the Secretary of State for Trade and industry what discussions he has had with the Securities and Investments Board regarding the rationalisation of its five self-regulatory organisations; and if he will make a statement.
§ Mr. RedwoodThis subject was among those discussed when I met the chairman of the Securities and Investments Board on 30 April. I welcome the recent announcement that the Securities Association and the Association of Futures Brokers and Dealers are to merge.