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On March 31, 2016, the UK House of Commons Treasury Committee
wrote to the Chancellor of the Exchequer informing him that it had
commissioned a report into the Maxwellisation process.
Maxwellisation allows those who are going to be criticized in a
public report an opportunity to respond to such criticisms and
comment on relevant texts prior to their publication. The Treasury
Committee's view is that one of the reasons for the delay in
the publication of the UK regulators report into the collapse of
HBOS was that Maxwellisation was applied, which took some 14
months. The HBOS report was published in December 2015 - seven
years after HBOS failed. The Treasury Committee has asked Andrew
Green QC to prepare a report on the legal requirements for, the
issues that arise in the application of, Maxwellisation and to make
recommendations on how Maxwellisation can be applied in a fair and
proportionate manner in future public financial enquiries. The
report will focus on the financial services sector only.
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Michael Tang - Global Financial Services Digital Transformation Leader, Aug 2017 (Video)
