§ Lord Williams of Elvelasked Her Majesty's Government:
What are the terms of reference for Sir Godfray Le Quesne's inquiry into the role of the Department of Trade and Industry in the matter of Barlow Clowes.
§ The Secretary of State for Trade and Industry (Lord Young of Graffham)As I informed the noble Viscount, Lord Montgomery of Alamein, in answer to his question on 14th June, the terms of reference of Sir Godfray Le Quesne's inquiry are as follows
On behalf of the Secretary of State for Trade and Industry to investigate and establish the facts relating to the exercise by the Department of Trade and Industry since 1st January 1983 of its regulatory functions in respect of the carrying on of investment business by Barlow Clowes & Partners (a partnership) and its successors Barlow Clowes & Partners Limited and Barlow Clowes Gilt Managers Limited, and if appropriate by Barlow Clowes International Limited, with particular reference to the need for licences under the Prevention of Fraud (Investments) Act 1958, the granting and renewal of such licences and the monitoring of the activities of the licence holder; and to provide a report as soon as possible to the Secretary of State.