§ Mr. Alex CarlileTo ask the President of the Board of Trade what plans he has to introduce a system whereby his Department should be able to bring proceedings in the civil courts to recover(a) compensation for victims, (b) punitive damages for dishonesty and (c) reimbursement of the costs of the proceedings in cases falling within certain categories of allegedly fraudulent conduct; and if he will make a statement.
§ Mr. Neil Hamilton[holding answer 26 January 1993]: Sections 6 and 61 of the Financial Services Act 1986 provide for application to the court for restitution on behalf of the victims of certain contraventions and offences under that Act. In addition, section 438 of the Companies Act 1985 permits the Secretary of State to bring proceedings in the public interest in the name and on behalf of a company if it appears to him from an inspector's report or information obtained under the investigation powers of the Act, the civil proceedings ought to be brought. I have no plans for further legislation along these lines.