HL Deb 20 July 1990 vol 521 c1183WA
Lord Clinton-Davis

asked her Majesty's Government:

Whether in the light of the case involving Consolidated Sterling Deposits Incorporated, Page and Associates, and Hamilton House Associates, full details of which were reported to the Department of Trade and Industry in 1987, they propose to take any action to protect depositors who in the future may be placed in a similarly prejudicial position to those depositors in Consolidated Sterling Deposits.

Lord Trefgarne

In general, the taking of deposits may be subject to regulation by the Bank of England under the Banking Act 1987, or may amount to the carrying on of investment business under the Financial Services Act 1986 which is required to be authorised under that Act. In addition, if, in connection with the taking of deposits, offers are made to the public then the prospectus requirements of the Companies Act 1985 may apply. DTI has recently issued a consultative document intended to produce a more effective regime governing offers of securities to the public.