§ Dr. Gilbertasked the Secretary of State for Trade and Industry if he will list his statutory powers to control the soliciting in this country of funds for investment in unit trusts, whether resident in the United Kingdom or not.
§ Mr. NobleIt is an offence under Section 14 of the Prevention of Fraud (Investments) Act, 1958, to distribute circulars inviting or containing information calculated to lead to investment in a unit trust scheme, unless the Department has either authorised the scheme or given permission for the distribution. The statutory conditions for authorisation are given in Section 17 and the First Schedule of the Act, which amongst other things require the managers and trustee to be incorporated in the United Kingdom.