§ Mr. CousinsTo ask the Secretary of State for Trade and Industry when he proposes to bring in regulations to define private persons in the sections of the Companies Act 1989 which restrict actions for damages under section 62 of the Financial Services Act 1986; and what consultations he has carried out on such regulations.
§ Mr. RedwoodMy Department will undertake public consultation on its proposals for defining private investor before making the relevant regulations under section 193 of the Companies Act 1989. The intention is to commence such consultations shortly.
§ Mr. CousinsTo ask the Secretary of State for Trade and Industry how many actions for damages under section 62 of the Financial Services Act 1986 have been brought; by whom; and with what result.
§ Mr. RedwoodActions under section 62 of the Financial Services Act 1986 are private actions for damages, and as such my Department would not necessarily expect to hear of such cases. In the only instance of which I am aware, the case was decided against the plaintiff.