Early day motion tabled by primary sponsor Lord Campbell-Savours (Labour), on Wednesday, 24 July 1991, in the House of Commons. It is signed by 1 members in total.

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RICHARD BRUCE & COMPANY.(No 1)

That this House notes the extraordinary activities of Richard Bruce and Company and the payment to him of ??70,789 in commissions by Abbey Life on phantom insurance policies; notes that following the repayment of these moneys from the funds of innocent investors to Abbey Life, Abbey Life concealed the fact that such a repayment had been made with the result that innocent investors lost even more money; notes that after a single investor demanded the return of a ??94,000 investment, Richard Bruce and Company closed and the personal bankruptcy of Richard Bruce followed to the tune of ??848,000; notes Cork Gulley's failure to locate funds; notes Bruce's imprisonment for three years and release after 18 months; notes that in 1984 the Department of Trade and Industry granted Bruce a licence and in 1985 Bruce obtained membership of NASDIM; notes after FIMBRA's takeover of NASDIM in August 1986 and up to Bruce's next crash in 1987 no checks were made on Bruce's activities; notes angry investors formed an action group and after AETNA had been forced by the insurance ombudsman to contribute to a fighting fund, ??253,000 was returned to investors; views with regret the actions of all who failed to report the sharp practice of Bruce to FIMBRA; notes the cavalier attitude of FIMBRA to the question of compensation; believes that NASDIM, FIMBRA and the Department of Trade and Industry all stand accused of blatant negligence; and condemns the actions of those companies who traded with Bruce and who stayed silent when they realised the nature of the scam being deployed.

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Secondary information

Type

Early day motion

Reference

1189 

Session

1990-91

Subjects

Fraud Financial services Bruce, Richard

Link

View this Early day motion on www.parliament.uk