§ Mr. Easthamasked the Chancellor of the Exchequer if he will introduce legislation to provide for protection of building society depositors against the consequences of unauthorised withdrawal of their deposits; and if he will make a statement.
§ Mr. Ian StewartThe Building Societies Act 1986 provides that every building society must be a member of an authorised ombudsman scheme. This requirement takes effect from 1 July 1987. An individual will be able to refer to the ombudsman unresolved disputes with his building society in a number of fields, including the operation of deposit and share accounts. I do not, therefore, think that there is any present need for further legislation. General issues which might arise from unauthorised withdrawals through cash dispensers and automated teller machines will fall within the scope of the review of the law affecting banking services, which I announced on 14 November.