That this House applauds the integrity of Mr Ken Bignal, Chairman of Barclays Life, who resigned from the Board of the Personal Investment Authority following the reprimand on his company by the Securities and Investment Board; notes that Mr Joe Palmer, Chairman of the Personal Investment Authority, who held a similar position at Legal and General when regulatory breaches led to record fines being imposed on it, has so far continued to hold on to his post; believes that if the Personal Investment Authority is to have any chance of commanding public confidence then its chairmen must be seen to be beyond reproach; invites the Securities and Investment Board and the Personal Investment Authority and Mr Palmer to further consider his position; and further restates its belief that self regulation cannot command public confidence and must be ended.

That this House applauds the integrity of Mr Ken Bignal, Chairman of Barclays Life, who resigned from the Board of the Personal Investment Authority following the reprimand on his company by the Securities and Investment Board; notes that Mr Joe Palmer, Chairman of the Personal Investment Authority, who held a...

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.

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...

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; further notes that Mr Palmer was Legal and General Chief Executive at a time when an investigation carried out by Legal and General into its own sales organisation, found widespread rule breaches by its own sales consultants; further notes that an internal memo of 23rd November 1990 to J. M. Kidner, Director of Financial Consultancy, found Legal and General trading practices which breached LAUTRO paragraph 7 rules were extremely widespread throughout consultancy; notes that this investigation followed upon interviews with Rowab Ullah, a Legal and General salesman, which revealed that Legal and General senior staff in breach of LAUTRO rules abused their position by signing off business done by unauthorised representatives; notes that the internal memo reveals consultants were immediately allowed to sell without any licensing or authorisation and that it was totally impossible to justify doing this for years and that Ullah managed to carry on for two years without passing any exam during the course of which he was selling quite complicated business; notes that the memo states that loads of cases have been sold here without anybody who actually did the selling or the authorising having passed any examinations of any sort and that the memo alerts the company to the possibility of disciplinary action and possibly even intervention by LAUTRO in the event that LAUTRO were to discover the true situation.

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; further notes that Mr Palmer was Legal and General Chief Executive at a time when an...

That this House recognises that, following the investigation into the activities of Legal and General personnel and according to other internal Legal and General memoranda, changes were made in late 1991 and throughout 1992 to the management and monitoring of staff; nevertheless asks why it was that Mr Joe Palmer was appointed Chairman of the Personal Investment Authority when it was he himself who presided over the affairs of the Legal and General throughout the period when the LAUTRO rule book was so comprehensively and regularly breached; and asks how it is possible for the Personal Investment Authority to have appointed someone whose own record on organising compliance with SRO rules is so blemished.

That this House recognises that, following the investigation into the activities of Legal and General personnel and according to other internal Legal and General memoranda, changes were made in late 1991 and throughout 1992 to the management and monitoring of staff; nevertheless asks why it was that Mr Joe Palmer...