HC Deb 14 April 1967 vol 744 cc264-5W
Mr. Whitaker

asked the President of the Board of Trade whether, in view of recent collapses, he is satisfied that the safeguards provided by the Protection of Depositors Act are adequate; and if he will make a statement.

Mr. Jay

The main purpose of the Protection of Depositors Act is to enable depositors to judge for themselves the financial soundness of a company advertising for deposits by making available to them at six-monthly intervals accounts in a prescribed form. The effectiveness of the Act, therefore, largely depends on the use depositors make of this information.