§ Mr. BowisTo ask the Chancellor of the Exchequer if he will list the grounds on which recognised professional bodies are permitted to have a different authorisation procedure under the Financial Services Act 1986; and if he will review these.
§ Mr. NelsonThe arrangements for authorisation of members of recognised professional bodies reflect the fact that their members' investment business is incidental to the practice of their profession, in which they are subject to the rules of the body concerned. I have no plans to review these arrangements.
Mr. BowlsTo ask the Chancellor of the Exchequer what representations he has received concerning the new rules on disclosure of the Securities and Investments Board; what discussions he has had with the SIB about these; and if he will make a statement.
§ Mr. NelsonRules on disclosure are a matter for the Securities and Investments Board. As part of its review of retail regulation under the Financial Services Act, the board published a policy statement on disclosure and standards of advice in May 1992.
Mr. BowlsTo ask the Chancellor of the Exchequer what plans he has to review the workings of the Financial Services Act 1986 as it affects the retail sector; and what discussions he has had with a view to changing the rules governing the disclosure of commission by tied agents and the disclosure of commission, charges and expenses by all financial retailers and intermediaries.
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§ Mr. NelsonRules on disclosure are a matter for the Securities and Investments Board. As part of its review of retail regulation under the Financial Services Act, the board published a policy statement on disclosure and standards of advice in May 1992.
§ Mr. BowisTo ask the Chancellor of the Exchequer what assessment he has made of the impact on consumer protection and consumer understanding of requiring providers of bundled products to disclose separately how much of an investor's money goes to each constituent part.
§ Mr. NelsonThis is a matter for the Securities and Investments Board.