HC Deb 14 May 1990 vol 172 cc275-6W
Mr. Cousins

To ask the Secretary of State for Trade and Industry what recent representations he has received on the working of(a) the Securities and Investments Board, (b) FIMBRA, (c) the Financial Services Act 1986 and (d) recognised professional bodies in the financial services industry; and from whom.

Mr. Redwood

My right hon. Friend and I regularly receive a variety of representations on these matters from a wide range of sources.

Mr. Cousins

To ask the Secretary of State for Trade and Industry if he will visit the state of California to study its regulatory system in the financial services industry.

Mr. Redwood

Neither my right hon. Friend nor I have any plans at present to visit California.

Mr. Colin Shepherd

To ask the Secretary of State for Trade and Industry what representations he has received concerning the nature and level of capital adequacy for firms involved in the small independent intermediary sector of the financial services industry.

Mr. Redwood

I have received a number of representations from organisations and firms in the independent financial intermediaries sector about capital adequacy requirements. Their views will be taken into account during the forthcoming negotiations on the proposed capital adequacy directive.

Mr. Colin Shepherd

To ask the Secretary of State for Trade and Industry if he will set out in theOfficial Report an outline of the nature of the stance he will be adopting with regard to any European Commission proposals in respect of the harmonisation of the financial services industry prior to 1992 with particular regard to the small independent intermediary sector.

Mr. Redwood

The Government welcome proposals from the European Commission which are designed to create a single market in financial services and which are based upon mutual recognition of member states' competent authorities and agreement on key standards. Our response to such proposals will be based upon two principles: first, that such measures should not undermine the Community's international competitiveness and, secondly, that they should not erect unnecessary barriers to market entry.