§ Mr. KilfoyleTo ask the Chancellor of the Exchequer if he will direct the Securities and Investments Board, under section 105(9) of the Financial Services Act 1986, to exercise its powers on the question of failed home income plans.
§ Mr. NelsonThe power to carry out investigations under section 105 of the Financial Services Act has been transferred to the Securities and Investments Board. I have no power to issue such directions.
§ Mr. KilfoyleTo ask the Chancellor of the Exchequer what powers the Securities and Investments Board has under the Financial Services Act 1986 to intervene with building societies and life assurance companies on the question of failed home income plans.
§ Mr. NelsonThe Securities and Investments Board has a wide range of enforcement and intervention powers under the Financial Services Act 1986. These can be exercised, where there are appropriate grounds, against persons carrying on investment business in the United Kingdom.