Oral Answers to Questions

Debate between Greg Clark and Andrea Leadsom

Tuesday 22nd October 2019 Commons Chamber

[Greg Clark (Tunbridge Wells) (Ind)]

I welcome the Secretary of State to the Dispatch Box and hope that she will have distinguished tenure at this important time. She will know that the recommendations of the independent review of the Financial Reporting Council, conducted by Sir John Kingman, were widely endorsed and are urgently required. I was concerned that the statutory implementation of those recommendations was not included in the Queen’s Speech. Can she assure me that she is not going to miss a golden opportunity to make these reforms and give a big boost to our standing in the world?

[Andrea Leadsom]

First, let me pay tribute to my right hon. Friend, my predecessor, who did a fantastic job in this Department. I am delighted to stand by the position that he took as Secretary of State: it is the Government’s plan to legislate for a new regulator with stronger powers, replacing the FRC, as soon as parliamentary time allows. We are planning to progress this work in the first quarter of next year, once we have received Sir Donald Brydon’s review of the quality and effectiveness of audit.