Financial Conduct Authority

Treasury written question – answered on 13th October 2020.

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Photo of Afzal Khan Afzal Khan Shadow Deputy Leader of the House of Commons

To ask the Chancellor of the Exchequer, what steps his Department takes to ensure that the Financial Conduct Authority is in receipt of adequate funding from the public purse to effectively discharge its responsibilities.

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

The legislative framework provides for the Financial Conduct Authority (FCA) to be operationally independent from Government. As a self-financing organisation, the FCA is funded via a levy on financial services firms, which is set by the FCA to cover its funding requirement each year following consultation. As such, the FCA is financed entirely by the financial services industry.

While the Government has no role in the FCA’s budgeting or the setting of the levy, the Government works closely with the FCA to ensure that it has access to the resources necessary for its effective operation.

For more information on the FCA’s finances, please see their policy statement regarding fees and levies in 2020/21, available online.

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