Building Societies Act 1986 (Accounts, Audit and EEA State Amendments) Order 2008

I am grateful to both noble Lords. The reason that this is modest is that what the directive seeks to deal with across Europe, British law already largely covers. We therefore have to make more modest adjustments. The noble Baroness asked whether there is any difference between the requirements so far as building societies and companies are concerned. There is a technicality in that respect, which I will spell out as accurately as I can. The audit directive requires member states to ensure that auditors shall not be dismissed on improper grounds. For companies, that requirement is implemented by an amendment to provisions of company law on petitions brought by company members. There is no equivalent of these provisions for building societies, so the order creates a new right for members or the Financial Services Authority to apply to the High Court where an auditor has been dismissed on improper grounds. That is the only differential. I do not think I have anything else to add on the question of catching up on legislation in this matter. As I say, we are reflecting directives that have definite implications for member states. I end on the fact that I am grateful for the succinctness of the comments on this matter. I say to the noble Baroness that, as much as she missed me on the Companies Act, that was nothing to my loss when we did the Banking (Special Provisions) Act and she was unfortunately detained when we most needed her. On Question, Motion agreed to.