§ Mr. Foulkes
To ask the Chancellor of the Duchy of Lancaster what discussions have taken place with the authorities of(a) the Channel Islands, and (b) the Isle of Man regarding the implementation of the Financial Services Act in those territories; and if he will make a statement on the nature of these discussions in respect of (i) investment businesses and (ii) other businesses.
§ Mr. Maude
Guernsey and the Isle of Man have been designated under section 130 of the Financial Services Act as having a law in relation to insurance companies which affords adequate protection to policyholders and potential policyholders. My Department has also had discussions with the authorities of Guernsey, Jersey and the Isle of Man regarding the possible designation of those territories under section 87 of the Financial Services Act in relation to collective investment schemes.