BUILDING SOCIETY FLOTATIONS AND DISABLED PEOPLE

That this House notes that many severely disabled people who are investors with the Halifax or the Alliance & Leicester building societies and who have their account managed by a third party may not qualify for the free shares that will be issued to members if they vote in favour of the conversion of the building societies from mutual societies to become listed companies next year, that if the third party also holds an account they will have to share any bonus, that disabled people who have changed the third party who runs their savings account within the qualifying time may lose out altogether, and that many severely disabled people who live in residential homes where one member of staff has responsibility for managing all the residents' savings accounts may at best receive only a fraction of the bonus they would be entitled to if they were to run their own affairs; and calls upon Her Majesty's Government to ensure that investors, with severe disabilities, whose account is managed by a third party and who are investors of sufficient long standing will receive equal treatment both in terms of their right to vote on the question of conversion and in terms of receiving their full share of any disbribution of shares or benefits.