HC Deb 28 November 1961 vol 650 cc214-6
9. Mr. Leather

asked the President of the Board of Trade when he proposes to introduce legislation to regulate companies accepting deposits from the public.

40. Mr. du Cann

asked the President of the Board of Trade if he will now introduce legislation for the protection of the public in regard to the solicitation of money deposits by companies.

Mr. N. Macpherson

I would refer my hon. Friends to the reply which my right hon. Friend gave to the Question asked on the 21st November by my hon. Friend the Member for Taunton (Mr. du Cann).

Mr. Leather

Is not my hon. Friend aware that the Government gave us a firm promise as long ago as October, 1959, that legislation would be introduced to deal with this point? Is he aware that many of us feel that his Department is making rather heavy weather of it? It is being asked, not to revise the whole Companies Act before the Jenkins Report, but to deal with the one specific point of appealing to the public for deposits. That is where protection is badly needed. Will not my hon. Friend take steps to redeem the Government's promise?

Mr. Macpherson

We have every intention of legislating in this matter as soon as the Parliamentary programme permits.

Mr. du Cann

While acknowledging the complications of this matter, may I ask whether it is not clear that we are running the risk of more small people—the people least able to afford it—losing money while we do not have legislation? We have had this situation for the last three years. Will my hon. Friend kindly look at the matter again and give the House a clear assurance that we can have legislation this Session, because it is so urgently needed?

Mr. Macpherson

No, I cannot go further than what I have already said.

Mr. Jay

Is the Minister aware that many promises made in October, 1959, still remain unfulfilled? Can he at least tell us today at what date he will be able to give a definite answer to the Questions asked by hon. Members opposite?

Mr. Macpherson

No, Sir. I am not able to say that at present.

Mr. Hirst

Will my hon. Friend amplify his statement to the extent that the undertaking to introduce legislation as soon as the Parliamentary timetable permits is not conditional upon the date of publication of the Jenkins Report?

Mr. Macpherson

It certainly is not conditional on the date of publication of the Jenkins Report.