asked the Chancellor of the Exchequer what is his policy on the participation of building societies in FIMBRA; and if he will review the minimum capital requirement for membership of this regulatory body.

Building societies which wish to undertake investment business will have to be authorised to do so under the Financial Services Act. My right hon. Friend the Secretary of State for Trade and Industry has received the Securities and Investment Board's request for the transfer to it of powers under the Act. If powers are transferred, it will be for the board to decide what self regulatory organisations are to be recognised. The rules of SROs are a matter for the bodies concerned, not for me.