§ Mr. KirkwoodTo ask the Chancellor of the Exchequer how many friendly societies have closed recently and how many of the closures were attributed to the regulatory requirements imposed by the Financial Services Act 1986. [34402]
§ Mrs. Angela KnightSo far this year, to June 1995, 10 societies have closed. Two of these were LAUTRO members and therefore subject to the regulatory requirements of the Financial Services Act regime. The reasons for closure are for the societies themselves to determine.