Smith has instructed the Office of Fair Trading to undertake an inquiry into the competition issues.
In the clearest indication yet that Section 310 of the Companies Act 1985, which denies firms the right to negotiate individual liability caps on a case by case basis, will be repealed, Smith asked for the OFT review to be completed by the end of July.
If the OFT agrees that there is no conflict, Smith aims to put forward the final legislation into the Companies Bill, which is passing through parliament.
More to follow.
HMRC breaches client confidentiality; and partner profits fall at EY. These stories and more discussed in Friday Afternoon Live
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