§ Mr. HinchliffeTo ask the Chancellor of the Exchequer(1) what action he will take to help those persons who receive compensation from the investors compensation scheme in cases where this compensation does not meet the debts incurred from interest rates and legal cost, following the quantification date; and if he will make a statement;
(2) what additional assistance he can offer to clients of Fisher Prew-Smith Ltd. who have not received compensation under the Financial Services Act 1986 sufficient to cover their mortgage debts; and if he will make a statement.
§ Mr. Nelson[holding answer 10 November 1992]: The rules of the investors compensation scheme are a matter for the Securities and Investment Board.
§ Mr. HinchliffeTo ask the Chancellor of the Exchequer if he will take steps to ensure that the clients of Fisher Prew-Smith Ltd. do not lose their homes; and if he will make a statement.
§ Mr. Nelson[holding answer 10 November 1992]: Borrowers should contact their building society to discuss interest and repayment arrangements as the societies have made clear that they want to enable borrowers to stay in their homes.
§ Mr. HinchliffeTo ask the Chancellor of the Exchequer if he will investigate the involvement of the West Bromwich Building Society in the affairs of Fisher Prew-Smith Ltd.
§ Mr. Nelson[holding answer 10 November 1992]: The prudential supervision of building societies is a matter for the Building Societies Commission.
§ Mr. HinchliffeTo ask the Chancellor of the Exchequer (1) if he will undertake an investigation into the conduct of Fisher Prew-Smith Ltd.; what action he will take to assist persons who have lost money as a result of home income plans; and if he will make a statement;
(2) if he will investigate the conduct of Ruben Walter Investment Management Ltd. in their handling of investments following the collapse of Fisher Prew-Smith Ltd.
§ Mr. Nelson[holding answer 10 November 1992]: The regulation of investment businesses is a matter for the Securities and Investments Board and the recognised bodies under the Financial Services Act. Where the investors compensation scheme has declared firms in default, private investors may be eligible for compensation in respect of their losses arising from investment business conducted by the firm.