§ Mr. McCrindleTo ask the Chancellor of the Duchy of Lancaster if he will introduce legislation amending the Financial Services Act to prohibit building societies from operating their own unit trusts.
§ Mr. MaudeNo. The powers of building societies are defined under the Building Societies Act and not the Financial Services Act. My hon. Friend the Economic Secretary to the Treasury announced on 2 February, at columns537–39, certain extensions to these powers, including the power to manage unit trust schemes.