Question to the HM Treasury:

To ask Her Majesty’s Government what is the estimated cost to the British economy of the Financial Conduct Authority’s policies on the banking sector.

The Financial Conduct Authority (FCA) is operationally independent from Government and carries out its functions within the framework of statutory objectives and duties agreed by Parliament. This includes requirements to publicly consult and perform cost benefit analysis on their relevant rules and policies. These questions are therefore a matter for the FCA as an independent regulator.

The questions have been passed on to the FCA. The FCA will reply directly to the Noble Lord by letter. A copy of the letter will be placed in the Library of the House.