Financial Services: Regulation

(asked on 10th December 2021) - View Source

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what recent assessment he has made of the effectiveness of the introduction of model litigant principles into the regulatory frameworks for (a) companies, (b) individuals and c) products in the UK financial services sector.


Answered by
John Glen Portrait
John Glen
Paymaster General and Minister for the Cabinet Office
This question was answered on 15th December 2021

The Financial Conduct Authority (FCA) is an operationally independent, non-governmental body, given statutory powers by the Financial Services and Markets Act (2000) as amended by the Financial Services Act (2012). It is responsible for the regulation of conduct in the financial services sector.

Although the Treasury sets the legal framework for the regulation of financial services, it has strictly limited powers in relation to the FCA. It is the responsibility of the FCA, as the independent regulator, to consider the benefits and costs of introducing new requirements in relation to authorised persons or regulated products.

Reticulating Splines