§ Mr. Shersby
asked the Secretary of State for the Environment what bodies have now been approved for the purposes of the assured tenancy scheme under the Housing Act 1980.
§ Mr. Stanley
The assured tenancy scheme permits bodies approved by the Secretary of State to let newly built property at freely negotiated rents. The three bodies already approved under the scheme are the Abbey Housing Association Ltd, Wates Ltd, and Rushey Development Company Ltd, a wholly-owned subsidiary of Rush and Tompkins Ltd.
Approval has also just been given to the Prudential Assurance Company Limited, and two of its wholly-owned subsidiaries, Prudential Pensions Ltd and Prudential Nominees Ltd. An order to give effect to this approval will be laid before the House shortly.
My right hon. Friend said on Second Reading of the Housing Bill on 15 January 1980 that financial institutions such as insurance companies were among the bodies he had in mind for approval. The Prudential is the first insurance company to be given approval under the assured tenancy scheme.