§ Mr. Nicholas WintertonTo ask the Chancellor of the Exchequer (1) what plans he has to bring forward proposals to repeal or reform the Financial Services Act 1986; and if he will make a statement;
(2) what reviews Her Majesty's Government are conducting of the working of the Financial Services Act 1986; and for what purpose.
§ Mr. Nelson[holding answer 19 May 1993]: I have no plans to change the present statutory framework. On 9 July last year, following publication of the summary of conclusions and findings of the Investment Management Regulatory Organisation's review of its regulation of Maxwell companies and the Securities and Investments Board's own assessment, my right hon. Friend the Chancellor of the Exchequer asked Andrew Large, SIB's chairman, to conduct a review of how the SIB carries out its regulatory responsibilities. My right hon. Friend's answer today to the hon. Member for Beaconsfield (Mr. Smith) reports on the delivery of the review.
§ Mr. Nicholas WintertonTo ask the Chancellor of the Exchequer what recent representations he has received about the working of the Financial Services Act 1986; and if he will make a statement.
§ Mr. Nelson[holding answer 19 May 1993]: I received a number of such representations.