PARLIAMENTARY EARLY DAY MOTION
Siggy Jacobson, Abbey National and The Royal Bank of Scotland (25 January 1990)

That this House expresses its disgust and concern over the way in which Mr Siggy Jacobsen has been treated by the Abbey National and the Royal Bank of Scotland, whose professional incompetence and uninterested attitudes led to loss of ú12,000 of Mr Jacobsen's savings; further notes that these and other banking institutions are involved in a growing scandal of losing clients' money while protecting themselves by the outdated banking laws of 1853 and 1882; condemns such institutions who seek to defraud their unwitting customers by the morally indefensible use of the contractual phrase "in the normal course of business"; congratulates the Daily Mirror for exposing such shoddy banking practises; calls upon the Prime Minister to stop threatening banks with retribution for failing to support her much-vaunted student loans scheme and to, instead, promise the nation's banking customers early legislation to ensure that banking institutions can be sued for their mistakes in losing or misplacing their customers' money; and believes this is a piece of Prime Ministerial retribution which would have the whole-hearted support of the whole House.

Sponsored by:
Sir Ian McCartney (Labour)