§ Mr. FrenchTo ask the Secretary of State for Trade and Industry how many companies or firms which have ceased to be members of FIMBRA are known to have engaged in unauthorised investment business subsequently.
§ Mr. RedwoodI am aware of only one instance recently. The Securities and Investments Board has prime responsibility for action in relation to firms believed to be engaged in unauthorised investment business.
§ Mr. FrenchTo ask the Secretary of State for Trade and Industry if he will amend the Financial Services Act to give FIM BRA access to the client base of those companies whose licences it withdraws.
§ Mr. RedwoodNo; FIMBRA's rules are a matter for that body, subject to meeting the provisions of schedule 2 of the Financial Services Act.