Early day motion tabled by primary sponsor Lord Campbell-Savours (Labour), on Wednesday, 23 March 1994, in the House of Commons. It is signed by 17 members in total.

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LEGAL AND GENERAL BREACHES OF RULES (No. 3)

That this House notes the extraordinary appointment as Chairman of the Personal Investment Authority in September 1993 of Mr Joe Palmer, former Chief Executive of the Legal and General between 1984 and September 1991; notes that Mr Palmer was responsible for Legal and General at a time when there was widespread breaching of LAUTRO, paragraph 7 rules as set out in Early Day Motion 871; notes that Joe Palmer was also Chief Executive of Legal and General when a major stake was taken in Roger Levitt's discredited operations which led to substantial losses for Legal and General to unleash Homes Assured onto an unsuspecting general public; notes that Homes Assured, a tied agent for Legal and General, was accused of the most appalling of selling practices and was the subject of huge numbers of complaints; notes the means by which Legal and General off loaded its direct relationship with Homes Assured onto Criterion Life just before Homes Assured was put to sleep; and questions how it is that Joe Palmer the man responsible for these disasters is now able to claim that he is a credible Chairman of the Personal Investment Authority.

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Secondary information

Type

Early day motion

Reference

929 

Session

1993-94

Subjects

Codes of practice Insurance companies Financial services Public appointments Personal Investment Authority Legal & General Homes Assured

Link

View this Early day motion on www.parliament.uk