To ask the Chancellor of the Exchequer if he will introduce legislation to require all banks regulated by the Financial Services Authority to publish an annual table showing their assets, liabilities, income, expenses, profits, employees and taxes for each jurisdiction that they operate in. (260404)

The legal framework of the Companies Act and accounting standards stipulate the information that companies are required to report for the benefit of their shareholders.

Under the provisions of the Companies Act 2006, all UK companies (including financial services companies) are required to file annual accounts at Companies House. These accounts are a report of the company’s activities and performance during the financial year.

The Companies Act 2006 imposes a specific obligation on the directors of a company to satisfy themselves that the accounts give a true and fair view of the assets, liabilities, financial position and profit or loss of the company taking account of income and expenses in respect of that financial year.

Banks which report their accounts on the basis of UK generally accepted accounting principles or international financial reporting standards are required to show their financial position and results split by geographical area.

In the case of a company not subject to the small companies regime, the average number of persons employed by the company in the financial year must be given in notes to the company’s annual accounts.

Under financial reporting standard 16, a company must report its current tax for the period in its profit and loss account.