§ Viscount Montgomery of Alameinasked Her Majesty's Government:
Whether they can name the independent person of standing who will investigate and report to the Secretary of State for Trade and Industry on the facts of his department's handling of matters relating to the Barlow Clowes Group.
§ The Secretary of State for "Trade and Industry (Lord Young of Graffham)I have today appointed Sir Godiray Le Quesne QC to carry out this investigation. He has the following terms of reference:
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.