The use of Maxwellisation in financial inquiries

• Report: A Review of 'Maxwellisation' (PDF 462 KB)
• Appendices: A Review of 'Maxwellisation' (PDF 9.75 MB)
• Inquiry: Maxwellisation
• Treasury Committee

Fundamental reassessment

Commenting on the publication of Andrew Green QC's review, Rt Hon. Andrew Tyrie MP, Chairman of the Treasury Committee, said:

"The PRA/FCA reports into the failure of HBOS were not published until seven years after the bank had failed. Maxwellisation was not the only reason for such a long delay, but it certainly played a part.

The principle that those criticised in public reports should have an opportunity to respond to such criticism is sound. Nonetheless, there is a balance to be struck, to ensure fairness both to those who may have been subject to potential wrong-doing or malpractice, and to those subject to criticism in reports to examine it.

In March, the Committee decided that the use of Maxwellisation in financial inquiries required fundamental reassessment. Andrew Green QC and his team at Blackstone Chambers were commissioned to undertake this work on Parliament's behalf, and appear to have produced a very thorough report.

The Committee will now consult on its contents and will invite written evidence from interested parties."

• Send a written submission to the inquiry on Maxwellisation 

Further information

• About Parliament: Select committees
• Visiting Parliament: Watch committees

Image: iStockphoto