West Bromwich Building Society

EDM number 1531 in 1993-94, proposed by William Powell on 18/07/1994.

That this House has learnt with astonishment of the decision not to publish the report entitled The Role of the West Bromwich Building Society in the Sale of Home Income Plans compiled by FIMBRA; has regard to the fact that the report states that the literature of the West Bromwich Building Society on home income plans was misleading, that the West Bromwich schemes, many of which were sold through Fisher Prew Smith, a FIMBRA related adviser that became insolvent, was not up to the high standards of integrity and fair dealing expected and that the SIB has failed to make use of its powers under section 62 of the Financial Services Act 1986 which would allow it to apply to the courts to make a restitution order against any authorised investment firm, and that the West Bromwich Building Society has breached three rules of the Building Society's Act 1986 concerning the maintenance of adequate reserves, lack of prudent management and lack of skill and recommends that three directors of the West Bromwich Building Society are not fit and proper persons to hold their positions; and therefore calls upon Her Majesty's Treasury, the Bank of England and all the regulatory agencies to act at once to end this scandal and to ensure that the elderly victims of the sharp and unlawful practices of the West Bromwich Building Society are compensated in a full and proper way for the losses which they have experienced as a consequence.

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