§ Mr. Michael McNair-Wilsonasked the Chancellor of the Exchequer whether, in the light of the widening activities of building societies, he has plans to develop the arrangements for their prudential supervision.
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§ Mr. Ian StewartThe Chief Registrar of Friendly Societies has the duty of supervising building societies in the interest of investors. My predecessor announced to the House on 14 February last that he had agreed to the strengthening of the registry's staff to increase, amongst other things, the supervision of building societies in the more competitive conditions that now prevail.
The Government will be reviewing the future arrangements for supervision as part of their consideration of proposals for legislation to widen societies' powers.