§ Mr. Spencerasked the Chancellor of the Exchequer whether he proposes to introduce legislation to raise the qualifications required by external auditors of annual accounts of banks recognised under the Banking Act 1979; and if he will make a statement.
§ Mr. Ian StewartThe "Report of the Committee set up to consider the System of Banking Supervision"490W (Cmnd. 9550) stressed the need for the auditors of deposit-taking institutions to be properly qualified in terms of training and experience.
In his statement to the House on 20 June my right hon. Friend said that he would give careful consideration to the committee's report and accepted it as a basis for immediate consultation.