§ Mr. LoughtonTo ask the Chancellor of the Exchequer if the terms of the Financial Services and Markets Bill require a reduction in the powers of the Office of Fair Trading in the monitoring of the financial services industry. [R] [89320]
§ Ms Hewitt[holding answer 1 July 1999]: There is nothing in the Financial Services and Markets Bill which requires a reduction in the powers of the Office of Fair Trading to monitor the financial services industry. On the contrary, it will extend the powers which the Office has to scrutinise the regulatory activities of the Financial Services Authority.