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Financial Services and Markets Bill (Bill 121 1998/99)

Financial Services and Markets Bill. (Bill 121 of 1998/99). House of Commons Library Research Paper 99/68.

Type

Commons Briefing papers

Date

24 June 1999

Reference

RP99-68

McIntosh of Haringey, Lord

Whether the Department of Trade and Industry wrote, as indicated in their letter of 4 January 1989 to Mrs Olsen of the Serious Fraud Office, to Lord Grantchester QC, Chairman of the Licensed Dealers Tribunal, criticising his judgment in the matter of TWH Management Ltd; and whether the DTI wrote...

Asked by

Lord Spens (Crossbench)

Type

Written questions

Status

Answered

Date

2 December 1998

Reference

HL 51; 595 c38WA

House

House of Lords

Treasury

To ask Mr Chancellor of the Exchequer, if he will publish the report by the SIB into the administration of the Melton Medes (Fletchers) pension fund.

Asked by

Phil Woolas (Labour)

Answering body

Treasury

Type

Written questions

Status

Answered

Date

5 March 1998

Reference

31071; 307 c717W

House

House of Commons

Treasury

To ask Mr Chancellor of the Exchequer, when he next plans to meet the Chairman of the Securities and Investment Board. (Failed OPQ)

Asked by

Piara S Khabra (Labour)

Answering body

Treasury

Type

Written questions

Status

Answered

Date

30 October 1997

Reference

12675; 299 c882W

House

House of Commons

Deposited Paper Dep/3 5477

Practitioner involvement. Consultation paper 2. FSA. 1997.

Deposited by

Financial Services Authority

Type

Consultation papers; Deposited papers

Date

30 October 1997

Reference

Dep/3 5477

House

House of Commons

Treasury

Statement on his proposals for reform of financial services regulation. - Includes ref to Financial Services Authority placed in Library.

Asked by

Stephen Timms (Labour)

Answering body

Treasury

Type

Written questions

Status

Answered

Tabled on

27 October 1997

For answer on

28 October 1997

Answered on

28 October 1997

Mr. Stephen Timms: To ask the Chancellor of the Exchequer if he will make a statement on his proposals for reform of financial services regulation. [13096] Mr. Darling: My right hon. Friend the Chancellor of the Exchequer has decided that the new single regulatory organisation is to be called the Financial Services Authority. This name has been adopted by the body formerly known as the Securities and Investments Board. The draft legislation to be published next summer will include draft statutory objectives for the Financial Services Authority. These are expected to include objectives in the following areas: the promotion and maintenance of confidence in the UK financial sector and markets; protecting consumers by ensuring that firms are competent and financially sound and give their customers confidence in their integrity, while recognising customers' own responsibility for their financial decisions; promoting the improvement of public understanding of the benefits and risks associated with financial products through the improvement of information and advice; monitoring, detecting and preventing financial crime. We also intend to set some objectives to condition how the Financial Services Authority goes about its job. We want it to: to be efficient and economic, enduring that costs and restrictions on firms are proportionate to the benefits of regulation; facilitate innovation in financial services; take account of the international nature of financial regulation and financial services business. The Financial Services Authority has today published a launch document with more details of the preparations for the new regulatory structure. Copies have been placed in the Library of the House. The Financial Services Authority has also published today consultation documents on practitioner and consumer involvement and the basis for charging for banking supervision. The details of the new regulatory structure and the Government's intentions for the draft legislation will be subject to further consultation.

Date

28 October 1997

Reference

13096; 299 c781W

House

House of Commons

Deposited Paper DEP/3 5275

Report to the Chancellor on the reform of the financial regulatory system. SIB. 1997.

Deposited by

Securities and Investments Board

Type

Deposited papers

Date

3 September 1997

Reference

DEP/3 5275

House

House of Commons

Treasury

Statement about the financial position of the Securities and Investments Board.

Asked by

Stephen Timms (Labour)

Answering body

Treasury

Type

Written questions

Status

Answered

For answer on

31 July 1997

Answered on

31 July 1997

Mr. Chope: To ask the Secretary of State for the Environment, Transport and the Regions if he will list the number of prosecutions which the Health and Safety Executive has brought against each local authority in England in the last three years; and how many have Mr. Timms: To ask the Chancellor of the Exchequer if he will make a statement about the financial position of the Securities and Investments Board. [12326] Mr. Darling: The Treasury has today laid a Minute to inform the House that the Treasury has issued a non-statutory guarantee to the Securities and Investments Board for up to £8 million. This exceptional course is necessary to ensure that SIB is able to raise a commercial loan in order to finance work on preparation for assuming additional regulatory responsibilities after Royal Assent to the legislation announced in the Chancellor's statement of 20 May. SIB cannot use the fees that it raises under the current powers in the Financial Services Act 1986 for this purpose. The process of transition is described in more detail in my right hon. Friend the Chancellor of the Exchequer's reply of today to my hon. Friend the Member for East Ham (Mr. Timms). In particular, the documents mentioned in that reply make it clear that SIB, and its successor, will receive no support from public funds. The guarantee will cover a loan sufficient for all SIB's preparation costs which can be foreseen now. This sum does not at this stage cover accommodation. The guarantee may therefore need to be extended at some point in the future, in which case I will notify Parliament of it. The guarantee will remain in place until SIB obtains powers under the legislation to reform the financial regulatory system, to recoup its operational costs from the industry it regulates. This power will apply to the cost of transition as well as to SIB's on-going administrative costs. It is thus likely that SIB will need the guarantee for at least two years. I will ensure that the contingent liability continues for as short a period as possible. While the liability is outstanding, Parliament will be kept informed in the usual way.

Date

31 July 1997

Reference

12326; 299 c451W

House

House of Commons

Treasury minute concerning a contingent liability in respect of borrowing by the Securities and Investments Board.

Type

Unprinted command papers

Date

31 July 1997

House

House of Commons

Treasury

Statement on the proposed trade publication regime for the London Stock Exchange's new electronic trading system.

Asked by

Stephen Timms (Labour)

Answering body

Treasury

Type

Written questions

Status

Answered

For answer on

23 July 1997

Answered on

23 July 1997

Mr. Timms: To ask the Chancellor of the Exchequer if he will make a statement about the proposed trade publication regime for the London stock exchange's new electronic trading system. [10552] Mrs. Liddell: I have now received advice from the Securities and Investments Board on the London stock exchange's proposed trade publication arrangements for its new stock exchange electronic trading service. I endorse the advice from the SIB that the exchange's proposed trade publication rules for SETS should enhance the price formation process, improve the quality of transparency and so make for a fairer market. The Treasury has also received advice on this matter from the Director General of Fair Trading. This concludes that, although there is a potential competition issue here, none of the proposed rules--which will be kept under review by the DGFT--is significantly anti-competitive at present. I welcome the stock exchange's plans to move to a more transparent trading system on the introduction of its electronic order book. In my view, the proposed new rules strike a sensible balance between the need to maximise the transparency of the UK equity market, so that investors can be confident that they are trading on an equal basis with other market participants; and the need to maintain arrangements which enable risk principle trading to continue for those investors wishing to obtain competitive prices for large trades. The result should be to enhance the liquidity of the UK equity market and make it even more attractive to international investors. The Treasury is today submitting a memorandum to the Treasury Committee in response to the Committee's recent reports on the London stock exchange. Apart from trade publication, one of the other issues raised by the Committee was the exchange's corporate governance arrangements. The exchange's planned move to a new trading system this autumn demonstrates that it is capable of taking and implementing strategic decisions about its market in the light of commercial and competitive factors. However, I agree with the Committee that the effectiveness of the exchange's corporate governance arrangements is an important issue and one which will need to be kept under review. In this context, the Treasury fully supports the governance principles espoused by the SIB--that a recognised investment exchange should avoid any conflict between its regulatory role and the pursuit of its commercial interests, and that an exchange should be run in the interests of the full range of its users and members.

Date

23 July 1997

Reference

10552; 298 c595-6W;298 c593-4W

House

House of Commons

Treasury

What steps he is taking to ensure that small investors are consulted over proposals to extend the regulatory duties of the Securities and Investment Board. - (Holding answer 9 July 1997).

Asked by

Lord Corbett of Castle Vale

Answering body

Treasury

Type

Written questions

Status

Answered

Date

10 July 1997

Reference

7364; 297 c612W

House

House of Commons

Treasury

If he will make it his policy to ensure that small investors are directly represented on the re-formed Securities and Investment Board. - (Holding answer 9 July 1997).

Asked by

Lord Corbett of Castle Vale

Answering body

Treasury

Type

Written questions

Status

Answered

Date

10 July 1997

Reference

7363; 297 c611-2W;297 c611W

House

House of Commons

Treasury

If it is his objective in transferring the regulation of banks to the new regulator to avoid regulatory issues compromising the bank's judgement in setting interest rates. (Failed OPQ)

Asked by

Lord Flight (Conservative)

Answering body

Treasury

Type

Written questions

Status

Answered

Date

10 July 1997

Reference

6215; 297 c607W

House

House of Commons

Deposited Paper HINF 97/642

Letters from the Chancellor, Gordon Brown, to Eddie George, Governor of the Bank of England and Sir Andrew Large, Chairman of the Securities and Investments Board,concerning the reform of financial services regulation. Treasury. 1997.

Deposited by

Treasury

Type

Deposited papers

Date

3 July 1997

Reference

HINF 97/642

Deposited Paper HINF 97/774

Securities & Investments Board annual report and accounts for 1996/97

Deposited by

Securities and Investments Board

Type

Deposited papers

Date

27 June 1997

Reference

HINF 97/774

Securities & Investments Board annual report and accounts for 1996/97

Type

Annual reports; Unprinted papers

Date

26 June 1997

House

House of Commons

Treasury

When he expects the annual report of the Securities and Investments Board to be published. - Inc ref to report available from today (copies in Lib).

Asked by

Stephen Timms (Labour)

Answering body

Treasury

Type

Written questions

Status

Answered

Date

26 June 1997

Reference

5943; 296 c590W;296 c592W

House

House of Commons

Deposited Paper Dep/3 5101

Letters from Helen Liddell MP to senior representatives of the 24 firms responsible for the majority of cases of misselling of personal pensions and their replies. Treasury. 1997.

Deposited by

Treasury

Type

Deposited papers

Date

25 June 1997

Reference

Dep/3 5101

House

House of Commons

Treasury

What recent steps he has taken to ensure that former clients of Knight Williams & Co. Ltd. receive adequate compensation; and if he will comment on the use of the locked box agreement to satisfy investors' claims against Knight Williams and Co Ltd.

Asked by

Lord Corbett of Castle Vale

Answering body

Treasury

Type

Written questions

Status

Answered

Date

19 June 1997

Reference

296 c270W;296 c273W; 4525;4524

House

House of Commons

Treasury

If he will estimate the cost of establishing the enlarged Securities and Investment Board.

Asked by

Lord Lansley (Conservative)

Answering body

Treasury

Type

Written questions

Status

Answered

Date

18 June 1997

Reference

3421; 296 c235-6W

House

House of Commons

Librarians' tools

Type

House

Session

Year

Department

Member

Primary member

Answering member

Legislative stage

Legislation

Subject

Publisher