asked the Minister for Industry, Trade, Commerce and Tourism whether he is aware that a society (details supplied) which is registered under the Industrial and Provident Societies Acts issued letters to potential investors before it went into liquidation stating that the security of its investors is guaranteed by investing in a group with assets in excess of £7 million: that within its group, there are two deposit-taking institutions, which are registered under Government-enacted legislation; and that the State-appointed registrar is responsible for ensuring that every society operates in a manner which is consistent with the provision of maximum security for depositors; whether he is satisfied that such societies should use the fact of their registration as an industrial and provident society in such a way as might mislead members of the public that their investment is in some way guaranteed or secured by the State; and if he will make a statement on the matter.
3.