§ Mr. FlynnTo ask the Chancellor of the Exchequer what proposals he has for further regulation of the banking and insurance industry.
§ Mr. NelsonMy right hon. Friend the Chancellor has already outlined to the House—Official Report, 22 October 1992, column 576—the steps that we intend to take to implement the recommendations in the Bingham report which bear on the regulation of banking.
The House has recently passed legislation to implement into United Kingdom law the second banking co-ordination directive, which along with the second directive on consolidated supervision, the solvency ratio directive and the own funds directive, came fully into force on 1 January 1993. Further measures will be taken later in the year to implement the large exposures directive, which comes into force on 1 January 1994, and any of the other directives currently under discussion which may he adopted for implementation by that date.
The regulation of insurance is a matter for my right hon. Friend the President of the Board of Trade. He will 445W shortly be laying before the House regulations to strengthen the appointed actuary system. Later this year he will be bringing forward for approval regulations to implement the third non-life and life insurance directives and the insurance accounts directive.