HC Deb 30 November 1970 vol 807 cc302-3W
Mr. Gwynoro Jones

asked the Attorney-General how many cases have been brought to the attention of his Department of people losing part of their money paid into court as a result of a fall in the value of shares in which the money was invested.

The Attorney-General

The courts have in general no power to invest a beneficiary's money in shares. Apart from the three cases referred to in the Answer I gave on 24th November to the hon. Member for Bodmin (Mr. Hicks)—which related to one of the Public Trustee's Common Investment Funds—the only cases brought, during a comparable period, to the attention of my noble Friend the Lord Chancellor—who is the Minister responsible for these matters—related to losses resulting from the fall in the value of war loan.

These numbered five.—[Vol. 807, c. 100–101.]

Mr. Gwynoro Jones

asked the Attorney-General what training in financial investments is provided from public funds for registrars of county courts.

The Attorney-General

A county court registrar's discretion does not extend to financial investment but is limited to a choice between the purchase of units in one of the three Common Investment Funds managed by the Public Trustee—whose staff are experts in this field—and a direction to place money in a "short-term investment account", where it earns a fixed rate of interest. There is therefore no need for him to have any special training and no public funds are provided for this purpose.

Mr. Gwynoro Jones

asked the Attorney-General if he will consider amending the powers of the Public Trustees Office to enable it to direct, and not merely to advise, county court registrars in connection with short-term investments of under five years.

The Attorney-General

No. It would not be appropriate, even if it were practicable, for the Public Trustee to give directions to a county court.

Mr. Gwynoro Jones

asked the Attorney-General if he will list the regulations that govern the investment of moneys paid into court.

The Attorney-General

The provisions in question are contained in:

Sections 6 and 7 of the Administration of Justice Act, 1965 and the Supreme Court Funds Rules, 1927 (as subsequently amended), in operation under Section 7;

Section 14 of the Administration of Justice Act, 1965 and regulations made under the enactments referred to in subsection (5), namely:

Prevention of Fraud (Investments) Deposits Regulations 1944;

Industrial Assurance (Deposits, etc.) Rules 1950;

Assurance Companies Rules 1950;

Motor Vehicles (Third Party Risks Deposits) Regulations 1967 Order 22, rule 13 of the Rules of the Supreme Court;

The Common Investment Funds Scheme 1965 made under Section 1 of the Administration of Justice Act 1965;

Section 168 of the County Courts Act 1959 and the County Court Funds Rules 1965 (as subsequently amended) made under that Section;

Section 169 of the County Courts Act 1959 and the Mayor's and City of London Court (Funds) Rules 1965 (as subsequently amended) made under that Section.