§ Mr. Carterasked the Chancellor of the Exchequer if he will introduce legislation to prohibit building societies from nominating solicitors and insurance companies to borrowers.
§ Mr. Dell,pursuant to his reply [OFFICIAL REPORT, 2nd May 1974; Vol. 872], gave the following information
Building societies, so far as I am aware, do not nominate solicitors to act for a borrower, although many borrowers choose to use the solicitor whom a society itself instructs on its own behalf. I understand that the practice of nominating insurance companies for borrowers is a matter which is being considered by the Director General of Fair Trading, who intends to discuss it with the building societies.