§ Mr. FrenchTo ask the Chancellor of the Exchequer if he will amend the Government Stock Regulations 1965 to reduce the risk of gilt-edged securities that are owned 37W by pension funds trustees and are registered in a central gilts office account at the Bank of England being vulnerable to misappropriation or erroneous misallocation by the account holder. [18927]
§ Mr. NelsonPlacing a duty upon the Bank of England, as registrar of gilts and operator of the central gilts office service, to inquire about the propriety of stock transactions made in the name of trustees would reduce the speed and efficiency of the settlement service without adding materially to the protection of pension fund beneficiaries. Such protection is more effectively given by the measures in the Pensions Bill, currently before Parliament.