Derek McDowell (Labour)

I am not entirely clear on section 8. It gives extremely wide-ranging powers to the authority to prescribe what should be the accountancy bodies' regulatory and disciplinary procedure. I know that the Institute of Chartered Accountants, which is the largest of the accountancy bodies, has an elaborate disciplinary procedure. Does the Minister of State intend to endorse the disciplinary procedures that are already in place or will he or the bodies go to the authority with a clean sheet and set out a completely new disciplinary procedure? If so, what sort of structure does he envisage?