ZOMBIE FUNDS LOSSES

That this House is shocked by the atrociously poor returns on the £95 billion invested in closed zombie funds that are impoverishing small investors of 13 million pension, small savings and endowment policies; is appalled that after these funds were purchased, principally by firms run by Mr Clive Cowdrey and Mr Hugh Osmond, tens of millions of pounds have been milked from them by city financiers while savers' losses continue and they remain trapped into the funds by swinging exit charges of up to 20 per cent; believes that the losses suffered will be on a similar scale to those suffered in the private pension and endowment mis-selling scandals; and calls for an urgent investigation by the Financial Services Authority.