Question to the HM Treasury:

To ask Mr Chancellor of the Exchequer, if he will review the effectiveness of the Financial Conduct Authority.

Under the Financial Services Act 2012 the Financial Conduct Authority (FCA) was made subject to National Audit Office (NAO) audit with the associated ability of the NAO to launch Value for Money (VFM) studies of the FCA into its economy, efficiency and effectiveness. The NAO recently reported on the FCA, as well as the Prudential Regulation Authority (PRA), in March 2014. A full copy of the report can be found at the following address - http://www.nao.org.uk/press-releases/regulating-financial-services/

The Treasury has statutory powers to appoint an independent person to conduct a review of the economy efficiency and effectiveness with which the FCA has used its resources in discharging its functions. There are no plans to launch such a review at this stage.