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Financial Services Act

Volume 129: debated on Wednesday 9 March 1988

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35.

To ask the Chancellor of the Duchy of Lancaster what percentage of investment firms have registered with the Securities and Investments Board or self-regulatory organisations by the deadline laid down in the Financial Services Act.

The Securities and Investments Board calculates that, on P-Day, approximately 5,100 firms were already members of recognised self-regulating organisations and around 9,140 applications were in the course of consideration. It is not possible to say what percentage of investment firms such a figure constitutes.

36.

To ask the Chancellor of the Duchy of Lancaster what representations he has received requesting the postponement of implementation of section 9 of the Financial Services Act.

Section 9 of the Financial Services Act was brought into force in June 1987. No representations requesting postponement of the section were made.

52.

To ask the Chancellor of the Duchy of Lancaster if he is now able to announce the date of authorisation under the Financial Services Act.

Section 3 of the Financial Services Act will require any person carrying on investment business in the United Kingdom to be authorised or exempted. It remains my intention that this section and other key investor protection provisions of the Act should be commenced in April, but the precise date has not yet been determined.