Government backs PIA
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.THE Government has given cautious support to the Personal Investment Authority, a new regulator designed to take responsibility for investments that are sold to the public.
Anthony Nelson, the Economics Secretary, said at a City of London Corporation dinner last week: 'I believe that there could be important advantages for investor protection if a new self-regulatory organisation were established to regulate business done with or for the private investor, with the support of firms who do business in that sector.'
The Government has been under pressure from supporters of the PIA to express its support for the new body. They hope its backing will encourage companies that sell investments to the public, currently regulated by any of five other bodies, to join.
Insurance companies have said they will back the PIA only if banks, building societies, fund managers and insurance brokers join it. But many of these firms are reluctant to join.
Mr Nelson said: 'I hope that potential members of the PIA will give full consideration to the proposals to enable continuing progress to be made.'
He pointed out that the PIA has yet to be authorised as a regulatory body. Last week the PIA formation committee published a consultative document.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments