HC Deb 02 April 2003 vol 402 cc759-60W
Mrs. Brooke

To ask the Parliamentary Secretary, Lord Chancellor's Department pursuant to her answer of 20 March,Official Report column 908W, on Court of Protection (portfolio holdings), what proportion of

Preference gains and losses resulting from the December 2002 EU Fisheries Council, broken down by (a) species, (b) area, (c) loser and (d) gainer. [104731]

Mr. Morley

I have been asked to reply.

The information requested is as follows:

funds are retained in the Special Account; what the average number of portfolio holdings held by the Public Guardianship Office was between February 1999 and February 2003; what the total value of portfolio holdings was at the end of February (a) 1999 and (b) 2003; and what scrutiny procedures are in place for the work of private fund managers under contract to the PGO. [105880]

Ms Rosie Winterton

The precise information requested is not available.

As at 31 March 2002, holdings in the Special Account stood at approximately 65 per cent. of total funds, compared with 62 per cent. in March 2001 and 60 per cent. in March 2000.

The total number of receivership cases handled by the Public Guardianship Office (PGO) was 37,000 in early 1999 and is now about 18,000. This reduction reflects the switch to the use of Enduring Powers of Attorney and the introduction of a higher capital threshold for receivership.

Portfolios managed by external fund managers were as follows:

£million
March 2002 December 2002
Panel fund managers
Securities 415 415
Cash 130 260
Non-panel fund managers 60 80
Total 605 755
Number of cases managed 1,900 2,700

Both the panel and non-panel fund managers working for PGO clients are required to follow the investment directions given by the Court of Protection. Investment performance is calculated annually and the total outcome for a case is reported on a monthly basis. The panel fund managers are also required to attend meetings of the Lord Chancellor's Strategic Investment Board and answer questions about their performance and conduct of their clients' affairs.