Question to the HM Treasury:

To ask Her Majesty's Government why the Financial Conduct Authority (FCA) has decided as part of its supervision strategy to make no independent periodic checks on the compliance of FCA regulations by authorised firms, in particular the accuracy of key consumer protection information such as representative annual percentage rates.

This question has been passed on to the Financial Conduct Authority (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.