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Financial Services Act 1986

Volume 270: debated on Monday 22 January 1996

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To ask the Chancellor of the Exchequer when section 164 of the Financial Services Act 1986 was brought into force. [10638]

Section 164 of the Financial Services Act 1986 has not been brought into force and was repealed when the Public Offers of Securities Regulations 1995 came into force on 19 June 1995. Regulation 10 of those regulations contains an equivalent provision to section 164.

To ask the Chancellor of the Exchequer if he will make a statement on the enforcement of penalties for (a) carrying on, and (b) purporting to carry on, investment business without authorisation or exemption, under section 4 of the Financial Services Act 1986. [10434]

Prosecutions for contraventions of section 3 of the Financial Services Act are brought before the courts where there is a realistic prospect of securing a conviction and the public interest is in favour of a prosecution. Enforcement of any penalty under section 4 of the Financial Services Act imposed by the court is a matter for the court concerned.

To ask the Chancellor of the Exchequer what plans he has to increase the penalties for (a) carrying on and (b) purporting to carry on, investment business without authorisation or exemption, under section 4 of the Financial Services Act 1986. [10435]