HC Deb 27 October 1980 vol 991 cc8-9
7. Mr. Aitken

asked the Secretary of State for Trade what representations he has received concerning the Fisher report on Lloyd's; and if he will make a statement.

Mr. Eyre

Decisions about the Fisher report are a matter for Lloyd's, and I understand that a general meeting has been arranged on 4 November for that purpose. I have received no representations.

Mr. Aitken

Does my hon. Friend agree that one of the most serious issues now affecting Lloyd's is the lack of adequate powers and procedures for dealing with the growing problem of international insurance frauds? Will he make sure that if there are to be any new proposals for a Lloyd's Act that gap will be filled?

Mr. Eyre

Lloyd's has made a valuable contribution to the country's economy for hundreds of years. I regard it as most important that Lloyd's should continue as a self-regulating body. The proposals that will come forward for consideration in the Bill place responsibility upon Lloyd's for dealing with matters of internal regulation to which my hon. Friend refers.

Mr. John Wells

I am delighted to hear from my hon. Friend that he believes that Lloyd's should continue to be self-regulating. One would deprecate any Government interference—

Mr. Cryer


Mr. Wells

We shall come to a question in a minute.

Mr. Speaker

In a second.

Mr. Wells

In a long second, Mr. Speaker.

One would deprecate any Government interference with a body that has produced such wealth for our country from international sources. I hope that my hon. Friend—[Hon. Members: "Question"] A hope is a question. Will my hon. Friend assure the House that the Government will give the Lloyd's Bill a fair wind when it comes before us?

Mr. Eyre

I appreciate my hon. Friend's comments and his strong emphasis on the virtue of self-regulation. I shall report on the Bill when it has been submitted to Parliament.