§ Mr. Austin MitchellTo ask the Chancellor of the Exchequer if he will make a statment on the aims of the financial services division recently transferred from the Department of Trade and Industry; how many officials of each grade were transferred from the Department of Trade and Industry into the Treasury; and what changes he proposes to the staffing level.
§ Mr. Nelson[holding answer 30 June 1992]: The aim of the financial services division, which has been renamed securities and investment services group, is to maintain and develop a good regulatory system for financial services which provides an appropriate level of investor protection, fosters the integrity of the markets and encourages international competitiveness. It is also concerned to secure the removal of barriers to fair and free competition in the provision of financial services in all important markets. A total of 49 staff were transferred from the Department of Trade and Industry. A breakdown by grade is given in the table. I do not propose to make any changes to the staffing level at present, hut I will keep this under review.
Number Grade 3 1 Grade 5 3 Grade 7 10 SEO 5.5 HEO 9 EO 3 Other 17.5 Total 49