Derek McDowell (Labour)

The subsection allows the supervisory authority, on its own initiative or following a complaint, to start an investigation without any requirement that there should a prior investigation by the accountancy bodies. There is not even a requirement for the authority, based on what it believes is in the public interest, to speak to the accountancy bodies in the first instance. I can understand that the Minister of State would say that the supervisory authority will be comprised of good people, appointed by him, and that it will not make any decision that will trample on the interests of the accountancy bodies. On the other hand, however, the accountancy bodies would require – they are entitled to do so – some sort of solace in terms of their being consulted. If not, then they should be assured that their investigative procedures will be exhausted before the authority begins an investigation. In fairness, we should make provision for them in this regard.