§ 1. Dr. Gilbertasked the Secretary of State for Trade and Industry what discussions he has held with the Stock Exchange Council with respect to the proposals that its members be permitted to solicit funds from the general public by advertising, and the necessary safeguards that will need to be instituted.
§ The Secretary of State for Trade and Industry (Mr. John Davies)I have no statutory responsibility for the rules of the Stock Exchange, London.
§ Dr. GilbertWill the right hon. Gentleman at least give the House an assurance 2 that discussions will be held with the Stock Exchange Council before member firms are able to solicit funds from the public—however unsophisticated it may be—for speculative investments? Will he at least ensure that three safeguards are met—supervision of advertising, supervision of brokers' solvency margins and publication of brokers' accounts?
§ Mr. DaviesI take note of those points. I am engaged in informal discussions with the Stock Exchange at the moment, but within statutory allowances I cannot take any control in these fields.