§ Mr. Austin MitchellTo ask the Chancellor of the Exchequer what proposals he has for legislation under which the auditors of banks would be required to detect and report fraud to the regulators.
§ Mr. DorrellOn 22 October, the Chancellor announced that the Government accepted all the recommendations of Lord Justice Bingham's inquiry into the supervision of the Bank of Credit and Commerce International, including the recommendation that there should be a statutory duty on auditors of banks to report to the Bank of England. A similar recommendation had been made in the Treasury and Civil Service Committee's fourth report for 1991–92. Consultation with the accounting profession and with the banks on the formulation of such a duty and its enforcement will begin shortly.