Question to the HM Treasury:

To ask Mr Chancellor of the Exchequer, with reference to the Financial Times article of 9 April 2018, FCA to scale back non-Brexit activities, what steps his Department is taking to ensure that financial services are regulated during the transition period after the UK leaves the EU.

The Financial Conduct Authority (FCA) is an independent non-governmental body responsible for regulating and supervising the financial services industry, and is funded entirely via a levy on the firms it regulates.

The government has given the FCA three operational objectives: to ensure an appropriate degree of protection for consumers; protect and enhance the integrity of the UK financial system; and to promote effective competition in the interests of consumers.

As an independent body, it is for the FCA to decide how to fund and allocate its resources most effectively to meet these statutory objectives. The government will continue to work with the FCA to ensure that financial services are regulated effectively after the UK leaves the EU.