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Provision of Financial Services by Members of the Professions

Part of Orders of the Day — Financial Services and Markets Bill – in the House of Commons at 7:30 pm on 1 February 2000.

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.—(1) The Authority must keep itself informed about—

  1. (a) the way in which designated professional bodies supervise and regulate the carrying on of exempt regulated activities by members of the professions in relation to which they are established;
  2. (b) the way in which such members are carrying on exempt regulated activities.
(2) In this Part—exempt regulated activities" means regulated activities which may be carried on by members of a profession which is supervised and regulated by a designated professional body without breaching the general prohibition; andmembers", in relation to a profession, means persons who are entitled to practise the profession in question and, in practising it, are subject to the rules of the body designated in relation to that profession, whether or not they are members of that body.(3) The Authority must keep under review the desirability of exercising any of its powers under this Part.(4) Each designated professional body must co-operate with the Authority, by the sharing of information and in other ways, in order to enable the Authority to perform its functions under this Part.'.—[Miss Melanie Johnson.]Brought up, and read the First time.