Question to the HM Treasury:

To ask the Chancellor of the Exchequer, whether he plans to support calls for an independent review of the Financial Conduct Authority.

The FCA is an independent non-governmental body responsible for regulating and supervising the financial services industry. The Treasury therefore has no general power of direction over the FCA and cannot intervene in its day-to-day operations.

There are a number of mechanisms already in place which enable Parliament and Treasury respectively to hold the FCA to account. In addition, there is nothing preventing a Select Committee from either House launching inquiries into the activities of the FCA, taking evidence from witnesses and reporting with recommendations.

The government also welcome the FCA’s commitment to reporting publicly on the progress of its Transformation Programme. A number of significant changes have already been introduced, including important structural changes within the organisation. The government will continue to regularly discuss the Transformation Programme with the FCA in order to monitor progress.