HC Deb 25 February 1994 vol 238 c499W
Mr. Welsh

To ask the Chancellor of the Exchequer what representations he has had from independent financial advisers about the cost of complying with present regulations.

Mr. Nelson

Treasury Ministers have received a number of such representations.

Mr. Welsh

To ask the Chancellor of the Exchequer what action he is taking to improve the present regulations concerning independent financial advisers.

Mr. Nelson

The 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.

Forward to