Question to the HM Treasury:

To ask the Chancellor of the Exchequer, with reference to the findings of Dame Elizabeth Gloster's report, The LCF Review and Raj Parker's report, The Connaught Review, if he will commission an independent inquiry into the FCA; and if he will make a statement.

As set out in my Written Ministerial Statement on 17 December 2020 the Government welcomes the Financial Conduct Authority’s (FCA) commitment to implement all of Dame Elizabeth’s and Mr Parker’s recommendations, and to address the issues and concerns identified in full. The FCA’s responses to both reports detail the changes they have made over several years and commits to accelerate this ongoing programme of reform through their Transformation Programme.

The FCA will report publicly on the progress of its Transformation Programme until such time as the recommendations from both reviews have been substantially implemented, as set out in the FCA CEO’s letter to me on 17 December 2020 which is available on gov.uk.

The Treasury will be engaging closely with the FCA to monitor implementation of the recommendations.