Department for Business, Energy and Industrial Strategy written question – answered at on 13 June 2018.
To ask Her Majesty's Government, further to the Written Answers by Lord Henley on 3 May and 22 May (HL7149 and HL7589), what were the legal costs paid by the Financial Reporting Council (FRC) to each law firm used in relation to enforcement action in the cases of HBOS, and Royal Bank of Scotland; what steps were taken to ensure there were no conflicts of interest in relation to the law firms used that had also acted for HBOS and Royal Bank of Scotland in related cases; and what was the involvement, if any, of Richard Fleck, former partner and now consultant to Herbert Smith in any of these cases whether in his FRC or Herbert Smith capacity.
No law firms were instructed by the Financial Reporting Council (FRC)’s Enforcement Division in relation to HBOS or RBS.
Richard Fleck had no involvement in relation to either investigation in his role as former partner or consultant to Herbert Smith LLP. As noted in the FRC report on the FRC’s enquiries and investigation of KPMG’s 2007 and 2008 audits of HBOS, Richard Fleck was the Chair of the FRC Conduct Committee from 01/04/2012 to 30/04/2014.
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