To ask the Chancellor of the Exchequer if he will make it his policy to ensure that small investors are directly represented on the re-formed Securities and Investments Board. [7363]
[holding answer 9 July 1997]: The Government has made clear its intention that the new financial regulator should be credible to investors and accountable to the public. Details of the composition of its board have yet to be determined.
Following the Review of the Valuation Office as a Next Steps Agency in 1995, we are committed to further enhance efficiency and effectiveness through, among other things, the streamlining of our network of local offices. These efficiencies which amount to some 30% over 5 years have already been reflected in our forward plans and expenditure projections.
The new Valuation Office structure is designed to enable us to:
improve quality and levels of service
become more flexible and responsive to clients' needs and changing workloads
concentrate our work processing functions within fewer locations via a new computer system
reduce management layers and develop teams dedicated to specific clients or type of work.
The information you requested is as follows:
To ask the Chancellor of the Exchequer what steps he is taking to ensure that small investors are consulted over proposals to extend the regulatory duties of the Securities and Investments Board. [7364]
[holding answer 9 July 1997]: The Government's plans to reform financial regulation will include consultation with all who are interested.