Money Deposits

HC Deb 28 February 1961 vol 635 cc1365-6

36. Mr. Leather

asked the President of the Board of Trade whether he will now state when he will introduce legislation to protect members of the public who are invited to deposit money without security.

25. Mr. du Cann

asked the President of the Board of Trade whether he will now announce when he proposes to implement the undertaking of Her Majesty's Government to regulate the solicitation of money deposits by companies from members of the public by advertisement and circulars.

Mr. N. Macpherson

My right hon. Friend is aware of the importance of this matter, but the devising of a scheme of regulation which does not hamper legitimate business is far from straightforward. He will make a statement as soon as he can.

Mr. Leather

I thank my hon. Friend for that answer. Will he bear in mind that, speaking in a debate in the House just over a year ago, the Economic Secretary to the Treasury gave us a promise that the Government would announce their intentions for legislation to protect the public who were invited to deposit money without security? Is he aware that many of us who are in touch with the proceedings of the Jenkins Committee are becoming increasingly despondent of any important results coming out of it? Is he aware that we hope that the Government will not wait until there is another series of scandals before they take some action?

Mr. Macpherson

I can assure my hon. Friend that we are well aware of his anxieties and that the matter is under the most active consideration.

Mr. Jeger

Will the hon. Gentleman inform his right hon. Friend that there is now a demand coming from his own side of the House for curbs and controls on unrestricted private enterprise?

Mr. Macpherson

I am sure that my right hon. Friend is well aware of the demands that come from our own side of the House.

Mr. Rankin

Would the hon. Gentleman agree that these advertisements should be banned while the Government are giving the matter active consideration?

Mr. Macpherson

I would like to consider that suggestion, but I doubt whether my right hon. Friend has any power to do so.