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Financial Conduct Authority

Treasury written question – answered at on 11 March 2019.

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Photo of David Duguid David Duguid Conservative, Banff and Buchan

To ask the Chancellor of the exchequer, whether he plans to increase the accountability of the Financial Conduct Authority; and if he will make a statement.

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

The Government has taken steps to make the Financial Conduct Authority (FCA) accountable to HM Treasury, Parliament and the public.

For example, under the Financial Services Act 2012, the FCA is required to produce annual reports and accounts which are laid before Parliament. It is subject to a full audit by the National Audit Office, which has the ability to launch VFM studies on the FCA. Both the FCA CEO and Chair have regular meetings with the Treasury Select Committee.

HM Treasury has the power to direct the FCA to investigate and report on possible regulatory failure. HM Treasury also makes appointments to the FCA Board (including the CEO and Chair). The Government has also legislated to create a single complaints scheme with an independent Complaints Commissioner responsible for investigating complaints against the financial regulators, including the FCA. FCA rules are subject to judicial review and the Upper Tribunal can also review the merits of certain firm specific decisions.

The Government believes that the existing accountability mechanisms are appropriate.

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  • (Citation: HC Deb, 11 March 2019, cW)

Chancellor of the Exchequer

The chancellor of the exchequer is the government's chief financial minister and as such is responsible for raising government revenue through taxation or borrowing and for controlling overall government spending.

The chancellor's plans for the economy are delivered to the House of Commons every year in the Budget speech.

The chancellor is the most senior figure at the Treasury, even though the prime minister holds an additional title of 'First Lord of the Treasury'. He normally resides at Number 11 Downing Street.