Question to the HM Treasury:

To ask the Chancellor of the Exchequer, if he will launch a review of the (a) accountability, (b) regulation and (c) cost to the public purse of the Financial Conduct Authority.

HM Treasury engages with the Financial Conduct Authority (FCA) on a regular basis and will continue to do so.

The FCA is accountable to HM Treasury, Parliament, and the public through a variety of mechanisms. These include a requirement for HM Treasury to approve appointments to the FCA’s board, and for the FCA to lay their annual reports and accounts before Parliament.

The FCA is also held accountable for the economy, efficiency, and effectiveness with which it uses its resources. For example, the FCA is subject to full audit by the National Audit Office. However, the FCA is an operationally independent, non-governmental body and as such the government has no role in the FCA’s budget or the setting of its fees.