Audit and Corporate Governance Debate
Full Debate: Read Full DebateBaroness Bowles of Berkhamsted
Main Page: Baroness Bowles of Berkhamsted (Liberal Democrat - Life peer)Department Debates - View all Baroness Bowles of Berkhamsted's debates with the Department for Business, Energy and Industrial Strategy
(3 years, 10 months ago)
Lords ChamberIndeed, I have had extensive engagement with the profession, including the big four and a number of smaller companies, as we seek to progress the legislation.
My Lords, in the RBS rights issue trial, Mr Justice Hildyard said that the purpose of Section 87A(2) of the Financial Services and Markets Act, concerning information to enable investors to make an informed assessment, had to be appropriate for the ordinary investor whose protection is the statutory objective. Does the Minister agree that the same logic must apply and be preserved in any changes to audit and capital maintenance statements? They are for the ordinary investor, not just expert users.
These proposals are to provide information to expert users and many of the ordinary readers as well. Therefore, both markets are to be fulfilled.