§ Mr. Home RobertsonTo ask the Chancellor of the Exchequer if he will make a statement on the delay in 443W the investigation by the investment ombudsman and the Investment Management Regulatory Organisation of a complaint by Mr. Alan Holmes of Gullane, East Lothian, concerning compliance with IMRO rules and the terms of the Financial Services Act 1986 in relation to independent financial advice given to him by IMRO-regulated companies. [15112]
§ Mrs. Angela Knight[holding answer 13 February 1997]: The investment ombudsman's office has been set up by IMRO for the independent investigation of complaints about investment business brought by investors against firms regulated by IMRO. Consistent with the independent status of the ombudsman, his investigations are not subject to Government direction or supervision. The service is provided free to complainants. Before the ombudsman can investigate a complaint, he must be satisfied that it falls within his jurisdiction, and this can take time to determine with complex cases. The case to which the hon. Member refers is complicated, but the ombudsman is dealing with it as quickly as is possible.