§ Mr. McCrindle
To ask the Chancellor of the Duchy of Lancaster if he will introduce legislation amending the Financial Services Act to prohibit building societies from operating their own unit trusts.
§ Mr. Maude
No. The powers of building societies are defined under the Building Societies Act and not the Financial Services Act. My hon. Friend the Economic Secretary to the Treasury announced on 2 February, at columns537–39, certain extensions to these powers, including the power to manage unit trust schemes.