Derek McDowell (Labour)

If the Minister of State does not come any distance towards us on this point, I will signal my intention to put down a Report Stage amendment on this matter. The basic principle is that this is an oversight authority; that we are preserving the self-regulation of the accountancy bodies, but that this oversight body will ensure that this is done properly. This is a power of first instance, under which someone can complain to the authority and, on the face of it, totally bypass the accountancy bodies. The authority will then be in a position to investigate if it decides it is in the public interest to do so. If the basic self-regulation principle is being maintained, there should, at least, be some linkage back to the internal disciplinary procedures of the accountancy bodies. The Minister of State is correct to say that there is a need to have a power, in the first instance, to investigate in exceptional circumstances. However, there should be some linkage between the two, rather than giving blanket power to the authority to bypass the internal disciplinary procedures if it believes that is the correct route to take. The formulation used by Senator Maurice Hayes seems reasonable.