§ Mr. Austin MitchellTo ask the Secretary of State for Trade and Industry what powers he has to seek revisions to the royal charters of the accountancy bodies.
§ Mr. RedwoodMy right hon. Friend has no express power to initiate revisions to the royal charters of the accountancy bodies. However, he will have certain powers under part II of the Companies Act 1989 relating to compliance with the criteria for recognition, international obligations and competition, the exercise of which might result in changes being sought to the royal charters of the charters recognised supervisory bodies and recognised qualifying bodies. In addition, the exercise of the Secretary of State's functions under the Insolvency Act 1986 and the Companies Act 1985, in relation to insolvency practitioners and large partnerships, respectively, could prompt the chartered accountancy bodies to seek revisions to their charters.