§ Mr. DarlingTo ask the Chancellor of the Exchequer when he expects to bring forward proposals for imposing a duty on auditors to report suspicion of fraud or other criminal activity to the proper authorities.
§ Mr. NelsonWe will be publishing shortly a consultation document which will include draft regulations imposing a statutory duty on auditors to report to the Bank of England any information which they believe to be relevant to their client bank's fulfilment of the authorisation criteria in the Banking Act.
The consultation document will also include draft regulations extending a similar duty to report to the relevant regulatory authority, for auditors of building societies, friendly societies, companies regulated under the Financial Services Act 1986 and, at the initiative of my right hon. Friend the President of the Board of Trade, companies regulated under the Insurance Companies Act 1982.