§ Mr. Heddleasked the Secretary of State for Trade and Industry if he will obtain a transcript of the BBC Radio 4 "Money Box" programme broadcast on Saturday 27 October to investigate the legitimacy of the holiday property bond scheme to ensure that all existing and respective bond holders have adequate legal protection.
§ Mr. FletcherI have obtained the transcript of "The Money Box" programme concerning this scheme, which is being studied to determine whether any aspects fall within my Department's jurisdiction and if so whether any action is necessary.
The holiday property bond scheme is operated from the Isle of Man by companies incorporated there, but is marketed in this country by a United Kingdom company, Villa Owners Club Limited. My Department has no 178W jurisdiction over Isle of Man companies but I am considering the position regarding the marketing of the bond in this country.