§ Mr. Tim SmithTo ask the Secretary of State for Trade and Industry whether any individuals as opposed to businesses are vetted when applications are made for authorisation under the Financial Services Act.
§ Mr. RedwoodThis is a matter for the particular regulatory body to which a business makes application for authorisation. I understand that all the regulatory bodies vet individuals of significance to the shareholdings or management of the business when they consider application for authorisation of that business. Some self-regulatory organisations have membership requirements that go further.