Home Income Plans: Investment Bond Schemes

EDM number 418 in 1992-93, proposed by Paul Boateng on 03/07/1992.

That this House notes with great concern the plight of thousands of pensioner households who face substantial financial loss and possible repossession of their homes through being sold wholly unsuitable investment bond related home plans by unscrupulous financial advisers; notes that some of the building societies implicated in this business have refused to co-operate with the committee of regulators set up under the auspices of the Securities and Investment Board which is charged with finding solutions to problem cases; notes that the Building Societies Ombudsman has stated in his Annual Report that he may have difficulty in processing the potentially large number of complaints; and calls upon the Government to bring pressure to bear on all parties to resolve the issue of liability for any compensation with reasonable speed.

This motion has been signed by a total of 109 MPs.