The Treasury Committee has written to the Chancellor to announce that a review of Maxwellisation and its use in public inquiries of a financial nature has been commissioned. The review is to ensure that an appropriate balance is struck between allowing those due to be criticised time to respond to the report ahead of its publication and the time it takes to finalise the inquiry. The review has been commissioned from Andrew Green QC, independent assessor of FSA’s enforcement decisions in relation to HBOS plc. Also published were the terms of reference for the review, which focuses on:
- what the law requires;
- the typical problems that arise during the process; and
- recommendations or principles to identify ways to ensure the use of this process is fair and proportionate.