Financial Reporting Council

Business, Innovation and Skills written question – answered on 5th February 2014.

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Photo of Austin Mitchell Austin Mitchell Labour, Great Grimsby

To ask the Secretary of State for Business, Innovation and Skills what assessment he has made of the effect of the appointment of Sir Win Bischoff, Chair of Lloyds Bank, as Chair of the Financial Reporting Council on the ability of that body to process complaints against Lloyds; and if he will make a statement.

Photo of Jennifer Willott Jennifer Willott The Parliamentary Under-Secretary of State for Women and Equalities, Assistant Whip (HM Treasury), The Parliamentary Under-Secretary of State for Business, Innovation and Skills

Decisions to investigate complaints under the Financial Reporting Council's (FRC) Professional Disciplinary Scheme or to constitute a Financial Reporting Review Panel are taken by the Conduct Committee of the FRC, not its Board. The Conduct Committee has a majority of lay members, that is members who are not practicing accountants or actuaries. Current practising auditors as well as officers of the professional bodies it regulates are excluded from membership. The Chair of the FRC does not participate in the Conduct Committee.

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