Personal Investment Authority And Self Regulation

EDM number 1000 in 1993-94, proposed by Alistair Darling on 12/04/1994.

That this House notes the resignation of the Deputy Chairman of the Personal Investment Authority and the failure of large numbers to apply for membership of the Personal Investment Authority including some of the largest institutions in the country; doubts whether the Personal Investment Authority will now be able to get the 6,000 applications it needs before it can open in July; questions whether the Personal Investment Authority now enjoys the confidence of either the public or a majority in the industry; further believes that effective and efficient regulation is not only essential for the public interest but is vital for the two million people employed in the industry; and calls on the Chancellor of the Exchequer to put an end to this continuing shambles and the continuing damage to the reputation of the industry by ending self regulation and putting in place direct regulation by the SIB in order to provide for efficient and effective supervision and the ending of cumbersome and expensive duplication which are the hallmarks of self regulation.

This motion has been signed by a total of 82 MPs.