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PERSONAL INVESTMENT AUTHORITY AND INVESTOR PROTECTION

EDM (Early Day Motion) 795: tabled on 09 March 1994

Tabled in the 1993-94 session.

This motion has been signed by 29 Members. It has received 2 amendments.

As this motion is using historical data, we may not have the record of the original ordering, in which case signatories are listed alphabetically.

Amendments to this motion

There have been 2 amendments submitted to this motion.

View details of the amendments

Motion text

That this House is concerned that recent troubles affecting the establishment of the Personal Investment Authority are undermining public confidence in the ability of the proposed Financial Services Regulator to deliver effective investor protection; further notes that the PIA's setting up costs are likely to reach ú6 million, yet with no tangible benefit to the consumer; further notes that the 'step change' required by the Chairman of the Securities and Investment Board looks increasingly likely to be in reality a 'step down' in regulatory standards, in particular that the PIA does not propose to adopt consistent standards across the retail financial services industry, for example in respect of training and qualifications and the registration of individuals; and questions whether the PIA has the right leadership to bring about adequate, accountable and cost effective regulation.

The first 6 Members who have signed to support the motion are the sponsors. The primary sponsor is generally the person who tabled the motion and has responsibility for it. The date shown is when the Member signed the motion.

In addition to the sponsors, the following Members have signed to support the motion.

Alexander, Richard
Conservative
Signed on 9 March 1994
Newark
Bendall, Mr Vivian
Conservative
Signed on 10 March 1994
Ilford North
Body, Sir Richard
Conservative
Signed on 10 March 1994
Holland with Boston
Bonsor, Sir Nicholas
Conservative
Signed on 10 March 1994
Upminster
Carlile, Alex
Liberal Democrat
Signed on 28 March 1994
Montgomery
Churchill, Winston
Conservative
Signed on 10 March 1994
Davyhulme
Coffey, Ann
Labour
Signed on 15 March 1994
Stockport
Eastham, Ken
Labour
Signed on 10 March 1994
Manchester, Blackley
Fairbairn, Sir Nicholas
Conservative
Signed on 15 March 1994
Perth and Kinross
Howell, Sir Ralph
Conservative
Signed on 15 March 1994
North Norfolk
Jessel, Toby
Conservative
Signed on 10 March 1994
Twickenham
Keen, Alan
Labour
Signed on 22 March 1994
Feltham and Heston
Knox, Sir David
Conservative
Signed on 14 March 1994
Staffordshire Moorlands
Leigh, Mr Edward
Conservative
Signed on 15 March 1994
Gainsborough and Horncastle
Marland, Paul
Conservative
Signed on 21 March 1994
West Gloucestershire
Martlew, Mr Eric
Labour
Signed on 18 April 1994
Carlisle
Mudie, Mr George
Labour
Signed on 23 March 1994
Leeds East
Nicholson, David
Conservative
Signed on 21 March 1994
Taunton
Powell, William
Conservative
Signed on 13 April 1994
Corby
Ross, Mr William
Ulster Unionist Party
Signed on 23 March 1994
East Londonderry
Smith, Sir Dudley
Conservative
Signed on 12 April 1994
Warwick and Leamington
Townsend, Sir Cyril
Conservative
Signed on 15 March 1994
Bexleyheath
Winterton, Sir Nicholas
Conservative
Signed on 11 March 1994
Macclesfield

There are no withdrawn signatures for this motion.

After a motion has been tabled, other Members can table amendments to it. Amendments to this motion are shown below.

PERSONAL INVESTMENT AUTHORITY AND INVESTOR PROTECTION (Amendment 1)
leave out from 'that' to end and add 'recent revelations about wide-spread mis-selling within the financial services industry contributing to the undermining of public confidence; welcomes the commitment by the Personal Investments Authority to increased consumer representation and a stringent approach to mis-selling within the industry; but believes that self-regulation has been discredited by the conduct of the industry and that statutory regulation will be required to protect investors.'.
Labour, Southampton, Itchen
14
signatures
EDM 795A1: tabled on 10 March 1994
PERSONAL INVESTMENT AUTHORITY AND INVESTOR PROTECTION (Amendment 2)
leave out from 'individuals' to end and add 'further notes that the two tier structure under which the PIA is constituted provides inadequate accountability for the effectiveness of investor protection; and questions whether the PIA has the right leadership to bring about adequate and cost effective regulation.'.
Labour, Sheffield Central
1
signature
EDM 795A2: tabled on 29 March 1994