HC Deb 17 July 2000 vol 354 cc90-1W
Mr. Cousins

To ask the Chancellor of the Exchequer what powers are available to the Financial Services Authority to regulate, and take sanctions against, market abuses of the sale of financial products which seek to offer protection against shortfalls in endowment policies designed to pay off mortgages. [130821]

Mr. Timms

The Financial Services and Markets Act 2000 and other legislation provide the relevant regulators with an effective statutory framework with which to tackle market abuse of all kinds. It is illegal to conduct unauthorised insurance business.

Dr. Cable

To ask the Chancellor of the Exchequer what approaches(a) he and (b) the Financial Services Authority have made to individual firms requesting the numbers of 25 year endowment contracts (A) with-profits and (B) unit linked purchased (i) one year ago, (ii) five years ago, (iii) 10 years ago, (iv) 15 years ago and (v) 20 years ago which are still in force today; and if he will publish the data received. [130635]

Miss Melanie Johnson

On behalf of the Financial Services Authority, the Personal Investment Authority (PIA) collects and publishes information on the persistency of endowment contracts, but only for periods of up to four years after policies begin. The latest figures were published in October 1999 in the PIA's "Fifth Survey Of The Persistency Of Life And Pensions Policies", a copy of which has been placed in the House of Commons Library.

Dr. Cable

To ask the Chancellor of the Exchequer when he proposes to bring forward amendments to the law to protect house purchasers from the mis-selling of mortgages. [130650]

Mr. Timms

The Financial Services and Markets Act 2000 provides a statutory framework for the regulation of mortgages.

The House will be asked to approve a Regulated Activities Order in the next few months. This will include further details of how mortgages will be regulated.

On the timing of mortgage regulation, I refer the hon. Gentleman to the answer my hon. Friend the Economic Secretary to the Treasury gave to my hon. Friend the Member for Stevenage (Barbara Follett) on 27 January 2000, Official Report, columns 263–64W.