Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what accountability mechanisms will be in place for the Financial Conduct Authority to report publicly on in what way it has considered financial inclusion in its activities, following the change of scope to the have regard duties in the Financial Services and Markets Bill.

Financial inclusion is a priority for this Government. The Financial Services and Markets Act requires the Treasury to write to the Financial Conduct Authority (FCA) at least once in each Parliament, to make recommendations to the FCA about aspects of the government’s economic policy to which the FCA should have regard when advancing its objectives and discharging its duties. This is known as the “remit letter”. The current remit letter, sent to the FCA by the Chancellor in November 2024, states that the FCA should have regard to reinforcing financial inclusion to enable individuals to access the financial services and products they need to fully participate in the economy.

Under the reforms in the Financial Services and Markets Bill, the FCA will be required to publish long-term strategies that set out its top priorities and the outcomes it is seeking to achieve in advancing its objectives.

The reforms will require the FCA to have regard to its remit letter when preparing or revising its long-term strategy.

The FCA will continue to be required to respond annually to the Treasury’s remit letter, setting out actions it has taken in response to the Government’s recommendations. The FCA’s most recent response, published in July 2026, sets out recent actions taken to support financial inclusion, amongst other things.

More widely, the Government continues to work closely with the FCA on our priorities in relation to financial inclusion. This includes through the Financial Inclusion Strategy which was published last year and includes a range of ambitious measures for Government and industry to improve the financial inclusion and resilience for underserved groups across the UK. The FCA has a key role in the delivery of interventions and is represented on the Financial Inclusion Committee who are supporting and monitoring the successful implementation of the Strategy.