REORGANISATION OF FIMBRA

That this House notes recent changes at the Financial Intermediaries, Managers and Brokers Regulatory Association and warmly congratulates FIMBRA's Chairman, Sir Gordon Downey, and Chief Executive, Mr Godfrey Jillings, on their successful streamlining of the organisation's management and their declared determination to achieve adequate and more effective investor protection while creating a framework which will ensure a healthy independent financial advice industry; further notes that all three objectives have been given renewed impetus by the recent reorganisation of FIMBRA which has given rise to savings of over one million pounds in running costs, a more integrated and better targetted compliance and investigatory function and a higher standard of independent financial advice; and concludes that these measures will provide increased consumer choice and protection and therefore strengthen public confidence in firms regulated by FIMBRA.