HC Deb 18 July 1957 vol 573 c129W
35. Mr. Osborne

asked the President of the Board of Trade if he is aware that companies are advertising for deposits and offering interest rates of over 10 per cent., without having issued a prospectus, as is required for the offer of shares, and without making available copies of their accounts, or specifying for what purpose the money is to be used; and, in view of the doubts as to the soundness of some of these companies, if he will take steps, by promoting suitable legislation or otherwise, to safeguard the public's savings in such concerns.

Sir D. Eccles

I am aware that very high rates are being offered and these no doubt cause prudent lenders to make inquiries. I am considering whether any action on my part is called for