HC Deb 22 July 1960 vol 627 cc966-8
Mr. Mitchison

I beg to move, in page 13, line 34, at the end, to insert (including, in relation to any rate of interest offered by such advertisement or invitation, a statement of the date up to which such interest is allowed on withdrawal of the investment or repayment of the loan)". This is a small point. The provision at present is that regulations may provide for things to be put in the advertisement of a building society, and I think it is possible that what we intend to specify here may be capable of inclusion anyhow. Whether that is so or not, it seems to me to be advisable that it should be included, and I hope the Government may see their way to accept the Amendment.

The point is that building societies advertise the rates at which they will borrow money. They usually advertise the amount of notice required, but they do not always let the lender know up to what date the interest is allowed on a withdrawal. There was in the Press recently a letter that seemed to me to be an informed letter, pointing out, as I know is the case, that societies differ widely on this matter. It is a small matter, but it might result in the lender losing, say, a month's interest or two or three day's interest which he did not expect to lose, and I think that it is right that he should know about that when he makes the loan.

Mr. Barber

The sort of transaction which the hon. and learned Gentleman has in mind, or the advertisement which he has in mind, might well be misleading as to the sort of thing which might well be covered by the regulations. As the hon. and learned Gentleman fairly said, the Clause is already sufficiently widely drafted to cover regulations of the type which I think are envisaged in the Amendment. I hope that he will not press this Amendment, as I can assure him that the Chief Registrar will give very serious consideration to the point which he has raised when he comes to draft the actual regulations.

If it will be of any assistance to the hon. and learned Gentleman, I would add that there is a limit to the way in which one can particularise in drafting or to which it is desirable to do so. Having given him that assurance. I hope that he will withdraw his Amendment.

Mr. Mitchison

Sometimes, we become almost human on a Friday, and the hon. Gentleman said earlier in the proceedings that, for reasons of State, he had been unable to consult the Chief Registrar recently. I appreciate the difficulty of saying specifically that this kind of matter will be included, and therefore I welcome the hon. Gentleman's assurance that serious consideration, as he said, would be given to this not very considerable point. In view of that, I beg to ask leave to withdraw the Amendment.

Amendment, by leave, withdrawn.