Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what assessment the Financial Conduct Authority has made of the potential impact of charging active management fees on fund holdings invested in passive index-tracking products on its Consumer Duty and fair value requirements.

This is a matter for the Financial Conduct Authority (FCA), which is an independent, non-governmental body. The FCA will respond to the hon. Member, and a copy of the letter will be placed in the Library of the House of Commons.