Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what discussions he has had with Cabinet colleagues on addressing the accountability of financial regulators after the collapse of Blackmore Bond plc.

The Government considers it is vitally important that there are appropriate mechanisms in place to ensure the financial services regulators are accountable for all aspects of their performance.

The FCA is responsible for ensuring consumer protection for a broad range of financial services products. However, it does not regulate all financial services firms and products. Blackmore Bond Plc was not authorised by the FCA and the sale of the ‘mini-bond’ product it offered was not an activity regulated by the FCA.