§ Mr. WelshTo ask the Chancellor of the Exchequer what representations he has had from independent financial advisers about the cost of complying with present regulations.
§ Mr. NelsonTreasury Ministers have received a number of such representations.
§ Mr. WelshTo ask the Chancellor of the Exchequer what action he is taking to improve the present regulations concerning independent financial advisers.
§ Mr. NelsonThe regulations governing the conduct of independent financial advisers are primarily a matter for Securities and Investments Board and the self-regulatory organisations recognised under the Financial Services Act 1986. In July last year my right hon. and learned Friend the Chancellor issued directions to SIB requiring it to develop a new approach to regulation of the marketing of investment-based life insurance products. On 7 January SIB published new rules relating to independent financial advisers and other life insurance distribution channels.