Part I Regulation of Deposit-Taking Business
Accounts and auditors
C147 Communication by auditor etc. with the Bank.
1
No duty to which—
a
an auditor of an authorised institution; or
b
a person appointed to make a report under section 8(5) or 39(1)(b) above,
may be subject shall be regarded as contravened by reason of his communicating in good faith to the Bank, whether or not in response to a request made by it, any information or opinion on a matter to which this section applies and which is relevant to any function of the Bank under this Act.
2
In relation to an auditor of an authorised institution this section applies to any matter of which he becomes aware in his capacity as auditor and which relates to the business or affairs of the institution or any associated body.
3
In relation to a person appointed to make a report under section 8(5) or 39(1)(b) above this section applies to any matter of which he becomes aware in his capacity as the person making the report and which—
a
relates to the business of affairs of the institution in relation to which his report is made or any associated body of that institution; or
b
if by virtue of section 39(6) or (7) above the report relates to an associated body of an institution, to the business or affairs of that body.
4
In this section “associated body”, in relation to an institution, means any such body as is mentioned in section 39(6) or (7) above.
5
If it appears to the Treasury that any accountants or class of accountants who are persons to whom subsection (1) above applies are not subject to satisfactory rules made or guidance issued by a professional body specifying circumstances in which matters are to be communicated to the Bank as mentioned in that subsection the Treasury may, after consultation with the Bank and such bodies as appear to the Treasury to represent the interests of accountants and authorised institutions, make regulations applying to those accountants and specifying such circumstances; and it shall be the duty of an accountant to whom the regulations apply to communicate a matter to the Bank in the circumstances specified by the regulations.
6
Regulations under this section may make different provision for different cases and no such regulations shall be made unless a draft of them has been laid before and approved by a resolution of each House of Parliament.
7
This section applies to the auditor of a former authorised institution as it applies to the auditor of an authorised institution.