§ Mr. ColmanTo ask the Chancellor of the Exchequer if the mandate of the Financial Services Authority will include those who have neither a current bank account nor one with a building society. [23354]
§ Mrs. LiddellThe Financial Services Authority will be responsible for all aspects of financial regulation. It will acquire the regulatory responsibilities currently exercised by the Bank of England, the three Self-Regulating Organisations (the Investment Management Regulatory Organisation, the Personal Investment Authority and the Securities and Futures Authority), the Insurance Directorate of Her Majesty's Treasury, the Building Societies Commission, the Friendly Societies Commission and the Registry of Friendly Societies. The Financial Services Authority will also be given responsibility for the authorisation of those currently authorised to do investment business by virtue of their membership of a Recognised Professional Body.