HL Deb 17 July 1978 vol 395 cc111-3

7.52 p.m.

Baroness STEDMAN rose to move, That the draft Protection of Depositors (Accounts) (Amendment) Regulations 1978, laid before the House on 6th July, be approved. The noble Baroness said: My Lords, I apologise for three orders in one go, but this really is a very simple one and a very short one. The Statutory Instrument which is now laid in draft is a simple piece of good housekeeping. The Protection of Depositors Act 1963 is underpinned by subordinate legislation prescribing among other things the provision of accounts by those who advertise to take deposits of interest. They do not include the clearing banks and the building societies, for which there are separate regulations. The Protection of Depositors (Accounts) Regulations 1976 prescribe the form and the manner of the presentation of deposit takers' accounts. They do so in part by the explicit adoption of certain accounts requirements from the Companies Act. Following implementation of the Companies Act in 1976 certain clauses of the Companies Acts of 1948 and 1967 have been amended or have been superseded. Reference to those clauses in the Protection of Depositors (Accounts) Regulations have thus become outdated and need to be replaced by reference to the relevant provisions of the Companies Acts 1976. This is precisely what the new regulations in the Statutory Instrument are designed to achieve. They are not intended to introduce changes to the accounts requirements themselves I commend the regulations for your Lordships approval. I beg to move.

Moved, That the draft Protection of Depositors (Accounts) (Amendment) Regulations 1978, laid before the House on 6th July, ae approved.—(Baroness Stedman.)

Lord CULLEN of ASH BOURNE

My Lords, the noble Baroness has clearly and briefly explained the regulations, with which we on this side are entirely happy. The only question I should like to ask her is why it takes two years for this bit of housekeeping to take place. Otherwise, I am very happy, and I hope your Lordships will agree to the regulations.

Baroness STEDMAN

My Lords, I share the noble Lord's concern that two years appears to be a long time, and I am making inquiries about it now. I am not in a position to give him an answer, but I will write to him about it.

On Question, Motion agreed to.