§ Paul FlynnTo ask the Chancellor of the Exchequer what plans he has to investigate the role of the Personal Investments Authority in the acquisition of the financial adviser Advizas by Towry Law. [3166]
§ Ruth Kelly[holding answer 11 July 2001]: Under the Financial Services Act 1986, the Personal Investment Authority regulates retail investment firms and the lead regulator, the Financial Services Authority, is responsible for ensuring that the Personal Investment Authority carries out its responsibilities under the Act. Therefore it is a matter for the Financial Services Authority.