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West Bromwich Building Society

EDM number 99 in 1994-95, proposed by William Powell on 23/11/1994.

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 Societies 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 Builing 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 34 MPs.

William Powell23/11/1994CorbyProposed
Peter Hardy23/11/1994WentworthSigned
Paul Tyler23/11/1994North CornwallSigned
Harry Barnes23/11/1994North East DerbyshireSigned
Lynne Jones23/11/1994Birmingham, Selly OakSigned
Mike O'Brien24/11/1994North WarwickshireSigned
Bridget Prentice24/11/1994Lewisham EastSigned
Ken Livingstone24/11/1994Brent EastSigned
Alan Meale24/11/1994MansfieldSigned
Ronnie Campbell24/11/1994Blyth ValleySigned
Eric Clarke24/11/1994MidlothianSigned
John Cummings24/11/1994EasingtonSigned
Jim Dowd24/11/1994Lewisham WestSigned
Bill Etherington24/11/1994Sunderland NorthSigned
John Evans24/11/1994St Helens NorthSigned
Dennis Turner24/11/1994Wolverhampton South EastSigned
Audrey Wise28/11/1994PrestonSigned
Terry Davis28/11/1994Birmingham, Hodge HillSigned
Michael Clapham29/11/1994Barnsley West & PenistoneSigned
Michael Connarty29/11/1994Falkirk EastSigned
Ian Davidson29/11/1994Glasgow, GovanSigned
Jack Thompson29/11/1994WansbeckSigned
Nicholas Winterton29/11/1994MacclesfieldSigned
Nick Ainger30/11/1994PembrokeSigned
Andrew Miller01/12/1994Ellesmere Port & NestonSigned
Alan Simpson01/12/1994Nottingham SouthSigned
Mike Gapes05/12/1994Ilford SouthSigned
Win Griffiths05/12/1994BridgendSigned
John Gunnell07/12/1994Leeds South and MorleySigned
Allan Rogers08/12/1994RhonddaSigned
Roger Godsiff08/12/1994Birmingham Small HeathSigned
Tommy Graham08/12/1994Renfrew West and InverclydeSigned
Mike Hall08/12/1994Warrington SouthSigned
Martyn Jones13/12/1994Clwyd South WestSigned

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