Question to the Department for Transport:

To ask Her Majesty's Government what plans they have to conduct a review of the collapse of Thomas Cook; and if so, to what timescale.

The Secretary of State for Business, Energy and Industrial Strategy has written to the Financial Reporting Council to ensure they prioritise, as a matter of urgency, an investigation into both the causes of the company’s failure and the conduct of its directors.

The FRC will conduct a robust investigation into the preparation of the company’s accounts in compliance with these standards and seek areas where lessons may be learned.

Thomas Cook Group prepared their accounts using EU-adopted International Financial Reporting Standards, which are set by the International Accounting Standards Board and used in 125 countries worldwide.