Financial Conduct Authority

Treasury written question – answered on 19th April 2018.

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Photo of Grant Shapps Grant Shapps Conservative, Welwyn Hatfield

To ask Mr Chancellor of the Exchequer, what steps he has taken to ensure there is (a) transparency, (b) fairness and (c) integrity in the work of the Financial Conduct Authority; and whether he plans to take any further steps to ensure those criteria are met.

Photo of John Glen John Glen Minister of State (Treasury) (City), The Economic Secretary to the Treasury

The Government has given the Financial Conduct Authority (FCA) three statutory objectives – securing an appropriate degree of protection for consumers, protecting and enhancing the integrity of the financial system, and promoting effective competition in the interests of consumers. The FCA must also have regard to eight regulatory principles, including transparency - exercising its functions as openly as possible - and proportionality - ensuring any regulation is appropriate and fair, considering costs and benefits.

The FCA is accountable to the Treasury and to Parliament. For example, the Treasury appoints members to the FCA Board, and the FCA’s annual report and accounts must be laid in Parliament by the Treasury.

The Government is satisfied that the current legislative framework ensures there is transparency, fairness, and integrity in the work of the FCA.

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