Mulholland calls for special taskforce to tackle land-banking
November 23, 2009 4:27 AM
Greg Mulholland MP has been a leading campaigner against the practice of land-banking and during business questions on Thursday called for the creation of a special cross departmental taskforce to tackle the issue.
Greg has worked closely alongside the Campaign to Protect Rural England to highlight that many investors have been cheated out of their savings by cynical land-banking organisations.
Commented, Greg said:
"Investors are tricked into thinking that they will see a handsome return for their money, when in fact often the land they have been sold is green belt and unlikely to ever be developed, meaning they never see any money back.
"Currently there is no one body committed to tackling this problem. The Financial Service Authority refuses to investigate any of these companies which are based off shore leaving many investors with no where to turn when things go wrong.
"On Thursday I called for the creation of a special taskforce to deal with the problem of land-banking and to provide its victims with somewhere to go with their complaints."
Adam Royle, Parliamentary Officer at CPRE [or Campaigner at CPRE] said:
"We're grateful to Greg for continuing to keep the problem of land-banking on the political agenda. We welcome the action that some authorities are taking to tackle this practice, but the problem is that there is no one body taking the lead - the Office of Fair Trading, the Financial Services Authority, the Land Registry and others all play a part. A Government taskforce that brings together the work of this confusion of agencies and departments could really help to stamp out the problem once and for all."
Ends
Notes to editors, link to hansard below:
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