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Accountancy Firms

Volume 164: debated on Thursday 21 December 1989

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To ask the Attorney-General whether there are any current prosecutions of accountants for the creation of a false market in shares.

I have taken the hon. Member's question to refer to the statutory offence under section 47(2) of the Financial Services Act 1986, and any other proceedings where the prosecution case amounts to an allegation of market manipulation.

There are no such cases involving an accountant as defendant currently being prosecuted by the Crown prosecution service or the serious fraud office. For the purposes of this answer I have treated the word "accountant" as referring to persons employed as or acting in that capacity, as distinct from an individual who simply happens to hold a formal accountancy qualification.