To ask the Secretary of State for Trade and Industry if he will make a statement about the responsibilities of the Securities and Investments Board for monitoring the activities of companies which have had their licences withdrawn by FIMBRA, LAUTRO, IMRO and TSA.

Powers have been transferred by the Secretary of State to the Securities and Investments Board relating to investment business carried on without authorisation, which is an offence under the Financial Services Act 1986. SIB is therefore in a position to investigate and take action in respect of a company carrying on investment business after its membership of a self-regulating organisation has ended. How it exercises those powers is a matter for the board.