§ Dr. McDonaldasked the Chancellor of the Exchequer what steps he proposes to take to tighten up controls on building societies following the publication of the report of the Chief Registrar of Friendly Societies on Grays Building Society.
§ Mr. Lawson,pursuant to his reply [Official Report, 24 May 1979; Vol. 967, c. 195–6], gave the following answer:
The Registry of Friendly Societies had already changed some of its practices, in advance of the report, and is reviewing others. For example, the registry no longer assumes that an unqualified report by auditors necessarily implies that the accounts of a building society are accurate.
The Government will be consulting the professional and other bodies concerned when they have had an opportunity to study the report. My right hon. and learned Friend the Chancellor will consider the recommendations which require legislation after those consultations.