HC Deb 13 November 1996 vol 285 cc228-9W
Mr. Wigley

To ask the Chancellor of the Exchequer if he will amend the building societies legislation in order to safeguard the interests of disabled people whose accounts are held by trustees in the context of bonus payments given by building societies at the time of flotation. [2744]

Mr. Tom Clarke

To ask the Chancellor of the Exchequer what action he is taking to ensure that investors, with severe disabilities, whose account is managed by a third party, will benefit from payments consequent upon building societies converting to banks. [2699]

Mr. Angela Knight

[holding answers 7 November 1996]: The existing law allows building societies to take account of the interests of underlying beneficiaries, including disabled investors and others in this position, but the final structure of any distribution is a matter for the society concerned, and it is for its members to decide whether they agree that distribution. I understand that the Building Societies Association has issued guidance to its members on future account opening and handling practice in advance of the Disability Discrimination Act 1995 coming into force on 2 December.