HC Deb 19 July 1996 vol 281 cc733-4W
Mr. Austin Mitchell

To ask the President of the Board of Trade when members of his Department last met representatives of(a) Price Waterhouse, (b) Ernst and Young, (c) Bank of Credit and Commerce International depositors and (d) Maxwell pensioners to discuss auditor liability. [37826]

Mr. Oppenheim

Members of my Department have had no such meetings. Investigations of the auditors' role in the BCCI and Maxwell cases are in the hands of the joint disciplinary scheme, and my Department is kept informed of progress regularly.

Mr. Mitchell

To ask the President of the Board of Trade how many practitioners are regulated by each of the bodies acting as regulators under the Insolvency Act 1986; and what plans he has to merge them. [37827]

Mr. Oppenheim

The number of practitioners authorised by each of the recognised professional bodies as at 31 December 1995 was as follows:

Number
Chartered Association of Certified Accountants 112
Insolvency Practitioners Association 283
Institute of Chartered Accountants in England and Wales 914
Institute of Chartered Accountants in Ireland 78
Institute of Chartered Accountants of Scotland 185
Law Society 195
The Law Society of Scotland 27

In addition, the Secretary of State also authorises 145 practitioners.

There are no plans to merge the regulatory responsibilities of the bodies in relation to insolvency practitioners.

Mr. Mitchell

To ask the President of the Board of Trade what representations he has received on limitation of liability for partners in audit firms; what further limitation he proposes in respect of(a) those firms and (b) other businesses; and what safeguards will be put in place to protect consumers. [37831]

Mr. Oppenheim

My Department has recently carried out a consultation into the law of joint and several liability as it affects providers of professional services, including auditors. The 134 responses to the consultation represent a wide range of views and are currently being analysed. Any proposals arising from the consultation will of course take into account the balance of interests between all concerned, including the preparers and users of accounts as well as the auditors.