Securities and Investments Board

HC Deb 22 July 1991 vol 195 c372W

Mr. Colvin

To ask the Secretary of State for Trade and Industry if he will make a statement about the procedure and responsibility for the appointment of the chairman of the Securities and Investments Board.

Mr. Redwood

The chairman of the Securities and Investments Board is appointed by the Secretary of State and the Governor of the Bank of England acting jointly.

Mr. Colvin

To ask the Secretary of State for Trade and Industry if he will make a statement about his responsibilities in respect of the operations policy and expenditure of the Securities and Investments Board.

Mr. Redwood

The operations, policy and expenditure of the Securities and Investments Board are the responsibility of the board. Section 117 of the Financial Services Act requires SIB to report at least once in each year to the Secretary of State on the discharge of functions transferred to it under section 114 of the Act, and requires the Secretary of State to lay copies of the reports before Parliament.