Examination of Witnesses(Questions 760-764)|
TUESDAY 29 OCTOBER
760. I have to say, though, following up the
question of my colleague Andrew Tyrie, you have come along here
badly briefed. Surely you expected simple questions like this
(Mr Hall) We can give you figures for
what we know our clients have lost overall but we, frankly, do
not think in terms of whether or not we were the sponsoring broker
because we do not have any reason to, but I will give you those
761. Okay and have you yet paid any compensation
to any client regarding investment in splits?
(Mr Hall) Yes we have.
762. If so, are all the cases related to new
issues where you were the sponsoring broker?
(Mrs Bowden) It is a fairly small number
we have paid compensation on, but from memory I do not think any
of those were actually taken up in new issues. I think every one
of the stocks was purchased in the market.
763. Okay. Can I thank you for your attendance.
We are looking forward to your memorandum. As I mentioned to previous
witnesses, we are taking this issue forward because it is the
whole industry we are interested in and we look forward to maintaining
(Mr Hall) Thank you very much. May I
just say, because I did not have a chance at the beginning, how
extremely upset and sorry we are that clients lost money in this
and we are extremely keen to help yourself and your Committee
and the regulators and the industry to try and get to a quick
conclusion on this matter because we do feel an awful lot of damage
is still being done to the shares and we have a lot of investors
in shares that are still quoted who are, frankly, dependent now
on the winding up value because they are not able to trade in
764. Exactly. And from our Committee's perspective
we are interested in ensuring that the whole industry is cleaned
up because there is a stain on the industry as a result of this
and it is fostering a lack of confidence of people in the savings
industry, so it is very important that we do this. What we are
looking for is co-operation and honest answers from people on
(Mr Hall) You will get that from us.