§ 51. Mr. WrayTo 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.
64. Mr. Alan W. WilliamsTo 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. RedwoodI believe that the Financial Services Act has already brought benefits for investors, not least the SIB compensation scheme. However, investors also benefit financially when regulation of the firms with which they deal is least burdensome, and the amendments introduced in the new Companies Act should make the system of investor protection more flexible and cost-effective.
§ Mr. Teddy TaylorTo ask the Secretary of State for Trade and Industry how many firms were permitted to trade on the basis of interim authorisation by SIB and FIMBRA 18 months after their applications under the Financial Services Act; and if he will make a statement.
§ Mr. RedwoodOnly applications received by 27 February 1988 were given interim authorisation. Eighteen months later 120 applications to FIMBRA and seven to SIB were still operating under interim authorisation.