Honourable Members And The Lloyds Insurance Market (No.2)

EDM number 44 in 1992-93, proposed by Peter Hain on 12/05/1992.

That this House, noting that the following 23 honourable and Right honourable Members for Torbay, Wanstead and Woodford, Dorset North, Harrogate, North West Norfolk, Holland with Boston, Upminster, Davyhulme, Romsey and Waterside, Epsom and Ewell, North Norfolk, Stroud, Fareham, Mid Bedfordshire, West Gloucestershire, Arundel North Wiltshire, Colne Valley, Aldridge-Brownhills, Bosworth, Reading East, Westminster North, and Weston super Mare, are Lloyd's names who have been in membership of syndicates which have suffered catastrophic losses totalling hundreds of millions of pounds, and could therefore face individual bankruptcy and disqualification, calls upon the President of the Board of Trade to institute a full public inquiry into insider dealing, financial mismanagement and corruption in Lloyd's and to demand wholesale reform and independent regulation, bearing in mind that if even half these 23 colleagues of his are indeed declared bankrupt, the Government could lose its majority.

This motion has been signed by a total of 49 MPs.