HC Deb 14 June 1994 vol 244 cc351-2W
Mr. David Marshall

To ask the Chancellor of the Exchequer on what date the Personal Investment Authority will start operating; and if he will make a statement.

Mr. Nelson

Recognition of self-regulating organisations under the Financial Services Act 1986 is a responsibility of the Securities and Investments Board. I understand that, subject to recognition, the Personal Investment Authority expects to begin regulating its members in July 1994.

Mr. David Marshall

To ask the Chancellor of the Exchequer how many companies and independent financial advisers have joined the Personal Investment Authority.

Mr. Nelson

I understand that, as of 24 May, the personal investment authority had received 2,787 applications and that 299 firms had been accepted for membership.