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American Express Bank

EDM number 172 in 1993-94, proposed by Austin Mitchell on 03/12/1993.

That this House, concerned over the inadequate regulatory supervision of currency and other fund management, which allows institutions like American Express Bank to require its fund managers, as with their AEB International Currency Fund and their Discretionary Management Programme, to do their dealing in-house, putting fund managers at the mercy of the bank's own spot dealers who can use their monopoly position to skim points (money) from fund managers's transactions for the benefit of the bank at the expense of the fund's customers, a conflict of interest which is never explained to these non-professional investors whose assets are exposed to possible churning, skimming and misappropriation, further concerned that the Bank of England, as of yet, has failed to conduct a full investigation and thus far declines to consider any separation of fund management and dealing activities to guarantee open market access and fair deals for clients, urges Her Majesty's Government to introduce such a split, with improved audit trails, and recognise that business is best brought to London by protecting consumers and the financial system's integrity, not by lax regulation allowing powerful financial institutions to dupe their clients.

This motion has been signed by a total of 79 MPs.

Austin Mitchell03/12/1993Great GrimsbyProposed
Giles Radice03/12/1993North DurhamSeconded
Charles Kennedy03/12/1993Ross and Cromarty and SkyeSeconded
Brian Sedgemore03/12/1993Hackney South & ShoreditchSeconded
Peter Hardy06/12/1993WentworthSigned
Alan Meale06/12/1993MansfieldSigned
Eric Clarke06/12/1993MidlothianSigned
Michael Connarty06/12/1993Falkirk EastSigned
Jim Dowd06/12/1993Lewisham WestSigned
Norman Godman06/12/1993Greenock and Port GlasgowSigned
Harry Barnes06/12/1993North East DerbyshireSigned
Ken Livingstone07/12/1993Brent EastSigned
John Battle07/12/1993Leeds WestSigned
Jimmy Dunnachie07/12/1993Glasgow, PollokSigned
Keith Bradley07/12/1993Manchester, WithingtonSigned
Bill Michie07/12/1993Sheffield, HeeleySigned
Ronnie Campbell08/12/1993Blyth ValleySigned
Jack Thompson08/12/1993WansbeckSigned
John Gunnell08/12/1993Leeds South and MorleySigned
Win Griffiths08/12/1993BridgendSigned
Tommy Graham08/12/1993Renfrew West and InverclydeSigned
John Evans08/12/1993St Helens NorthSigned
John Cummings08/12/1993EasingtonSigned
Harry Cohen08/12/1993LeytonSigned
Michael Clapham08/12/1993Barnsley West & PenistoneSigned
Lynne Jones08/12/1993Birmingham, Selly OakSigned
Eric Illsley08/12/1993Barnsley CentralSigned
Greg Pope08/12/1993HyndburnSigned
David Clelland09/12/1993Tyne BridgeSigned
Paul Flynn09/12/1993Newport WestSigned
Ian Davidson10/12/1993Glasgow, GovanSigned
Janet Anderson10/12/1993Rossendale & DarwenSigned
Mike Hall14/12/1993Warrington SouthSigned
Gerry Bermingham16/12/1993St Helens SouthSigned
Tony Worthington16/12/1993Clydebank & MilngavieSigned
Mike Watson16/12/1993Glasgow CentralSigned
Paul Tyler16/12/1993North CornwallSigned
Bill Etherington16/12/1993Sunderland NorthSigned
Bill Olner16/12/1993NuneatonSigned
Martin Smyth16/12/1993Belfast SouthSigned
Dennis Skinner16/12/1993BolsoverSigned
Ken Purchase16/12/1993Wolverhampton North EastSigned
Ann Coffey16/12/1993StockportSigned
Mike Gapes17/12/1993Ilford SouthSigned
Elliot Morley11/01/1994Glanford and ScunthorpeSigned
Dafydd Wigley11/01/1994CaernarfonSigned
Joe Benton11/01/1994BootleSigned
Hugh Bayley11/01/1994York, City ofSigned
David Alton11/01/1994Liverpool Mossley HillSigned
George Galloway11/01/1994Glasgow HillheadSigned
Jamie Cann11/01/1994IpswichSigned
Alf Morris11/01/1994Manchester WythenshaweSigned
Diana Maddock11/01/1994ChristchurchSigned
Calum MacDonald11/01/1994Na h-Eileanan an IarSigned
Geoffrey Robinson11/01/1994Coventry North WestSigned
Richard Caborn12/01/1994Sheffield CentralSigned
Liz Lynne12/01/1994RochdaleSigned
Gordon Prentice12/01/1994PendleSigned
Alan Simpson12/01/1994Nottingham SouthSigned
Nigel Jones13/01/1994CheltenhamSigned
John McWilliam17/01/1994BlaydonSigned
Rhodri Morgan17/01/1994Cardiff WestSigned
Joan Ruddock18/01/1994Lewisham, DeptfordSigned
Joan Walley19/01/1994Stoke-on-Trent NorthSigned
Tony Wright19/01/1994Cannock and BurntwoodSigned
George Stevenson19/01/1994Stoke-on-Trent SouthSigned
Joe Ashton19/01/1994BassetlawSigned
Chris Mullin19/01/1994Sunderland SouthSigned
Elfyn Llwyd19/01/1994Meirionnydd Nant ConwySigned
Joyce Quin19/01/1994Gateshead EastSigned
Roger Godsiff26/01/1994Birmingham Small HeathSigned
Jean Corston02/02/1994Bristol EastSigned
Keith Vaz02/02/1994Leicester EastSigned
Roland Boyes03/02/1994Houghton and WashingtonSigned
Dale Campbell-Savours03/02/1994WorkingtonSigned
Martyn Jones08/02/1994Clwyd South WestSigned
Jim Cunningham09/02/1994Coventry South EastSigned
Barry Sheerman11/02/1994HuddersfieldSigned
Audrey Wise15/02/1994PrestonSigned

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