HC Deb 24 October 1972 vol 843 c251W
Mr. Cant

asked the Secretary of State for Trade and Industry (1) whether he is yet in a position to publish an interim report on the steps he proposes to take to regulate the insurance industry, with special reference to the nomination of special audit accountants, the provision of solvency guarantees by the industry, and the greater use of experts by his Department;

(2) whether he will introduce legislation to prevent the investment of life assurance funds, except with stringent safeguards, in other organisations under the same control, and to prevent the milking of life assurance funds by unreasonable management fees by associated organisations or by payment of excessive dividends.

Mr. Noble

I do not propose to make any interim statement; the matters which the hon. Member mentions are being taken into account in my review of the existing legislation, and I expect to make proposals for further legislation as soon as that review is complete.