Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what assessment she has made of the adequacy of the performance of the Financial Conduct Authority in balancing its confidentiality obligations with the need to provide transparency and effective communication to individuals who report potential financial misconduct.

The government meets regularly with the FCA to discuss a range of topics. The government is content that the legislative framework, set by parliament, which gives the Financial Conduct Authority (FCA) powers to supervise the financial services sector and enforce rules, is appropriate, and that the FCA has the correct tools available to enable it to investigate and act on evidence of malpractice and criminality.

The FCA is required by legislation to have regard to the principle that regulators should exercise their functions as transparently as possible. The FCA is also required not to disclose confidential information it receives in the course of carrying out its functions, with limited exceptions including where required to carry out its functions or otherwise required by law.

The government expects the FCA to act in accordance with high standards of transparency and operational efficiency, and will continue to hold the FCA to account for how it exercises its functions.