§ Mr. Robin Cookasked the Secretary of State for Trade and Industry if he will publish the report he has received from the inspectors appointed under the Financial Services Act to investigate share dealing by Mr. Geoffrey Collier.
§ Mr. HowardMy right hon. Friend does not propose to publish reports by inspectors appointed under section 177 of the Financial Services Act. Such reports are akin to reports made by the police to the Director of Public Prosecutions rather than to reports by inspectors appointed under the Companies Act. Their purpose is to advise my right hon. Friend whether any individual appears to have contravened the Company Securities (Insider Dealing) Act, and to assist him in deciding whether to institute criminal proceedings. If an individual is prosecuted the substance of the inspectors' report will be disclosed in open court. Conversely, individuals who are not prosecuted are entitled to have their involvement in an investigation kept confidential.