Question to the Department for Business, Energy and Industrial Strategy:

To ask the Secretary of State for Business, Energy and Industrial Strategy, if he will require all firms taking over a financial services business to disclose advisers fees regardless of the corporate structure governing the business; and if he will make a statement.

While the Companies (Disclosure of Auditor Remuneration and Liability Limitation Agreements) Regulations 2008 require companies to disclose fees payable to the auditor for the audit of their financial statements, there is no requirement to disclose fees payable to professional advisers more broadly. These are properly a matter for the company and its members. The Department of Business, Energy and Industrial Strategy (BEIS) is committed to ensuring that the UK’s regulatory approach is proportionate, targeted, consistent, transparent, and optimised to support opportunities for UK businesses. The regulation of takeovers under the Companies Act and associated regulations is designed to protect the interests of shareholders and to safeguard their rights to information that will allow them to make an informed decision. We are confident the system functions effectively.