§ Mr. David ShawTo ask the Chancellor of the Duchy of Lancaster (1) if he will take steps to examine the accounts of all the corporate financial intermediaries which placed client moneys in funds managed by Barlow Clowes operations in the United Kingdom, Switzerland, the Channel Islands and Gibraltar to ascertain whether they have kept proper books of account in each year since 1983 in accordance with the Companies Acts, and that all commission and benefits due or payable to those companies was properly included as revenue in the accounting records of those companies;
(2) if he will appoint inspectors to those financial intermediary companies which placed in total £100,000 or more of client moneys with Barlow Clowes operations in order to ascertain whether those companies have kept proper books of account which have incorporated all 949W benefits, payments and commissions due to, paid or payable to the companies, their employees, their directors and their shareholders since 1983.
§ Mr. MaudeI understand the concerns of the many investors who put their money into the Barlow Clowes funds on the advice of professional intermediaries. The Financial Intermediaries Managers and Brokers Regulatory Association is looking into dealings with Barlow Clowes by its members. My Department is in close touch with FIMBRA and the Securities and Investments Board over this matter. Whether further action by my Department in this area is appropriate and, if so, what form it should take remain under close and careful consideration.
§ Dr GlynTo ask the Chancellor of the Duchy of Lancaster what representations he has received about advice given at the London Regional Transport retirement seminar to pensioners to invest in Barlow Clowes; and if he will make a statement.
§ Mr. MaudeI have received many representations from pensioners and others who placed investments with Barlow Clowes. I do not believe I have received any which refer to retirement seminars given by London Regional Transport.
§ Dr. GlynTo ask the Chancellor of the Duchy of Lancaster if he will take steps to ensure that all stockbrokers and financial intermediaries who advised their clients to invest in Barlow Clowes will have their names published and that FIMBRA is not solely responsible for this disclosure.