asked the Secretary of State for Trade and Industry what estimates he has made of the consequences for employment of the proposals he is currently considering from the Securities and Investments Board in relation to the future of independent intermediaries.

My right hon. Friend is currently considering the rules and supporting material submitted by the Securities and Investments Board on 10 February. The position of independent intermediaries will be one of the matters to which he will have regard in deciding whether to recommend to Parliament the transfer to the board of powers under the Financial Services Act 1986.

asked the Secretary of State for Trade and Industry what representations he has received concerning the proposals he is considering from the Securities and Investments Board in relation to the future of independent intermediaries.

I have received a large number of letters from hon. and right hon. Members and directly from those likely to be affected by the Board's proposals. The comments made will be fully considered in deciding whether to recommend to Parliament the transfer to the Board of powers under the Financial Services Act 1986.