PERSONAL INVESTMENT AUTHORITY AND INVESTOR PROTECTION

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.