§ Sir John WheelerTo ask the Secretary of State for Trade and Industry if he will make a statement on the status and accountability of the Securities and Investments Board.
§ Mr. RedwoodThe Securities and Investments Board is the designated agency to which certain functions have been transferred under section 114 of the Financial Services Act 1986. Section 117 of the Act requires the SIB to report at least once in each year to the Secretary of State on the discharge of those functions and requires the Secretary of State to lay copies of the reports before Parliament.