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A Parliamentary inquiry into Whanganui MP Carl Bates’ declaration of financial interests has cleared him of all wrongdoing.

It also makes recommendations about addressing a loophole in Parliament’s rules for MPs, which Bates’ financial situation brought to the fore.

The Herald revealed in September that the MP had moved his interests into a trustee company shortly before facing financial declaration rules.

Labour MP Glen Bennett then wrote to the Speaker of the House “to raise a matter of privilege in respect of Carl Bates”.

Under Parliamentary rules, MPs must declare their business, property and other legal interests, “thereby providing transparency and confidence in parliamentary processes and decision making”.

This is managed by the Registrar of Pecuniary Interests, Sir Maarten Wevers, who concluded a Parliamentary inquiry was warranted.

Today, Wevers released his findings, which found Bates’ declaration was “compliant” with Parliament’s standing orders.

He also recommended Parliament should address the question of MP interests that are held in trusts.

“I have found that the member’s return was compliant, questions have again been raised in relation to members’ interests in trusts, and in the nature of assets held in trust for a member.

“The matter of subsidiary interests of companies in which trusts have shareholdings has also come to the fore.

“In my view, these matters may warrant further attention by the House, in a future review of the Standing Orders.”