Question to the HM Treasury:

To ask the Chancellor of the Exchequer, which regulatory functions imposed by legislation for which his Department has responsibility are currently undertaken by trade associations; and if he will make a statement.

The Treasury sets the legal framework for the regulation of financial services. The financial services industry is primarily regulated by the Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA), which are independent regulatory bodies, given statutory powers by the Financial Services and Markets Act (2000). Trade associations, namely bodies that represent businesses within a specific industry, do not carry out legislative regulatory functions for financial services.