Integrity Of The Personal Investment Authority

EDM number 1557 in 1993-94, proposed by Alistair Darling on 20/07/1994.

That this House applauds the integrity of Mr Ken Bignal, Chairman of Barclays Life, who resigned from the Board of the Personal Investment Authority following the reprimand on his company by the Securities and Investment Board; notes that Mr Joe Palmer, Chairman of the Personal Investment Authority, who held a similar position at Legal and General when regulatory breaches led to record fines being imposed on it, has so far continued to hold on to his post; believes that if the Personal Investment Authority is to have any chance of commanding public confidence then its chairmen must be seen to be beyond reproach; invites the Securities and Investment Board and the Personal Investment Authority and Mr Palmer to further consider his position; and further restates its belief that self regulation cannot command public confidence and must be ended.

This motion has been signed by a total of 12 MPs.