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Failure Of Self-Regulation Of Financial Services

EDM number 1345 in 1992-93, proposed by Alistair Darling on 08/02/1993.

That this House notes the increasing importance of the provision of financial services and that substantial sums are at risk; believes that the self-regulatory regime set up under the Financial Services Act 1986 has failed and is in need of complete overhaul; believes that this is not a matter for the industry or the Securities and Investment Board alone and therefore insists that a proper and effective regime is put in place without further delay; believes that the regulatory regime should be supervised by a majority of those representing the public interest and not by a convention of vested interests of the industry: notes the failure of the Securities and Investment Board to put in place the Personal Investment Authority or similar body, and that no adequate regulatory regime is likely to be in place before 1994; believes that any regulatory regime must have sufficient power and resources to regulate sale of financial products, and that the public interest would be best served by a complete overhaul of the current legislation which would provide for a regulatory regime that would be good for the public, efficient for the industry and command the confidence it is manifestly lacking at the moment; and believes that the Government's failure to take any interest in this matter illustrates that it has chosen to side with the vested interests of the industry rather than the interests of the public.

This motion has been signed by a total of 104 MPs.

MPDateConstituencyPartyType
Alistair Darling08/02/1993Edinburgh CentralProposed
Max Madden08/02/1993Bradford WestSigned
Ken Purchase08/02/1993Wolverhampton North EastSigned
Giles Radice08/02/1993North DurhamSigned
Andrew Smith08/02/1993Oxford EastSigned
Peter Hardy08/02/1993WentworthSigned
Doug Henderson08/02/1993Newcastle upon Tyne NorthSigned
John Heppell08/02/1993Nottingham EastSigned
Kate Hoey08/02/1993VauxhallSigned
Kim Howells08/02/1993PontypriddSigned
John Hutton08/02/1993Barrow & FurnessSigned
Adam Ingram08/02/1993East KilbrideSigned
Lynne Jones08/02/1993Birmingham, Selly OakSigned
Robert Litherland08/02/1993Manchester CentralSigned
Peter Mandelson08/02/1993HartlepoolSigned
Lewis Moonie08/02/1993KirkcaldySigned
Estelle Morris08/02/1993Birmingham, YardleySigned
Nick Brown08/02/1993Newcastle upon Tyne EastSigned
Anne Campbell08/02/1993CambridgeSigned
Ronnie Campbell08/02/1993Blyth ValleySigned
Malcolm Chisholm08/02/1993Edinburgh LeithSigned
Jean Corston08/02/1993Bristol EastSigned
Bob Cryer08/02/1993Bradford SouthSigned
Jim Cunningham08/02/1993Coventry South EastSigned
Derek Enright08/02/1993HemsworthSigned
Mike Gapes08/02/1993Ilford SouthSigned
Irene Adams08/02/1993Paisley NorthSigned
Hugh Bayley08/02/1993York, City ofSigned
Gerry Bermingham08/02/1993St Helens SouthSigned
Roger Berry08/02/1993KingswoodSigned
Paul Boateng08/02/1993Brent SouthSigned
Gerry Steinberg08/02/1993Durham, City ofSigned
Paddy Tipping08/02/1993SherwoodSigned
Brian Wilson08/02/1993Cunninghame NorthSigned
Peter Pike09/02/1993BurnleySigned
Dawn Primarolo09/02/1993Bristol SouthSigned
Barbara Roche09/02/1993Hornsey & Wood GreenSigned
Ernie Ross09/02/1993Dundee WestSigned
Geoff Hoon09/02/1993AshfieldSigned
Roy Hughes09/02/1993Newport EastSigned
Terry Lewis09/02/1993WorsleySigned
John McAllion09/02/1993Dundee EastSigned
William McKelvey09/02/1993Kilmarnock & LoudounSigned
Bill Michie09/02/1993Sheffield, HeeleySigned
George Mudie09/02/1993Leeds EastSigned
Michael Connarty09/02/1993Falkirk EastSigned
Tom Cox09/02/1993TootingSigned
John Cummings09/02/1993EasingtonSigned
Lawrence Cunliffe09/02/1993LeighSigned
Jim Dowd09/02/1993Lewisham WestSigned
Jimmy Dunnachie09/02/1993Glasgow, PollokSigned
Kenneth Eastham09/02/1993Manchester, BlackleySigned
John Evans09/02/1993St Helens NorthSigned
Norman Godman09/02/1993Greenock and Port GlasgowSigned
Roger Godsiff09/02/1993Birmingham Small HeathSigned
Win Griffiths09/02/1993BridgendSigned
Peter Hain09/02/1993NeathSigned
Janet Anderson09/02/1993Rossendale & DarwenSigned
Harry Barnes09/02/1993North East DerbyshireSigned
John Battle09/02/1993Leeds WestSigned
Mike Watson09/02/1993Glasgow CentralSigned
Bridget Prentice10/02/1993Lewisham EastSigned
Robert Hughes10/02/1993Aberdeen NorthSigned
Eric Illsley10/02/1993Barnsley CentralSigned
Ken Livingstone10/02/1993Brent EastSigned
Edward O'Hara10/02/1993Knowsley SouthSigned
Jamie Cann10/02/1993IpswichSigned
Michael Clapham10/02/1993Barnsley West & PenistoneSigned
Ian Davidson10/02/1993Glasgow, GovanSigned
Paul Flynn10/02/1993Newport WestSigned
John Gunnell10/02/1993Leeds South and MorleySigned
Clive Betts10/02/1993Sheffield, AttercliffeSigned
Jack Thompson10/02/1993WansbeckSigned
Tony Worthington10/02/1993Clydebank & MilngavieSigned
Helen Jackson11/02/1993Sheffield, HillsboroughSigned
Henry McLeish11/02/1993Central FifeSigned
Keith Bradley11/02/1993Manchester, WithingtonSigned
Bill Etherington11/02/1993Sunderland NorthSigned
Barry Jones15/02/1993Alyn & DeesideSigned
Roland Boyes15/02/1993Houghton and WashingtonSigned
John Denham15/02/1993Southampton, ItchenSigned
Angela Eagle15/02/1993WallaseySigned
Jeff Rooker16/02/1993Birmingham, Perry BarrSigned
Martyn Jones16/02/1993Clwyd South WestSigned
Eddie Loyden16/02/1993Liverpool, GarstonSigned
Ian McCartney16/02/1993MakerfieldSigned
Andrew Miller16/02/1993Ellesmere Port & NestonSigned
Bruce Grocott16/02/1993Wrekin, TheSigned
Alan Milburn17/02/1993DarlingtonSigned
Harold Walker17/02/1993Doncaster CentralSigned
Alan Simpson18/02/1993Nottingham SouthSigned
Tony Wright18/02/1993Cannock and BurntwoodSigned
Dale Campbell-Savours23/02/1993WorkingtonSigned
Tommy Graham25/02/1993Renfrew West and InverclydeSigned
David Hanson02/03/1993DelynSigned
Kevin Hughes02/03/1993Doncaster NorthSigned
Allan Rogers04/03/1993RhonddaSigned
John McWilliam04/03/1993BlaydonSigned
Gwyneth Dunwoody04/03/1993Crewe & NantwichSigned
Audrey Wise17/03/1993PrestonSigned
Austin Mitchell18/03/1993Great GrimsbySigned
Frank Cook23/03/1993Stockton NorthSigned
Andrew MacKinlay25/03/1993ThurrockSigned
Greg Pope31/03/1993HyndburnSigned

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