Question to the HM Treasury:

To ask Mr Chancellor of the Exchequer, what representations he has received on the Financial Conduct Authority's decision to extend the settlement negotiation period to January 2015; and if he will make a statement.

Treasury Ministers and officials receive regular correspondence on a wide range of issues. We cannot disclose details of specific representations.

The Financial Conduct Authority (FCA) is an independent non-governmental body responsible for regulating and supervising the financial services industry within the framework of statutory objectives and duties agreed by Parliament. Although the Treasury is responsible for the legal framework, it has strictly limited powers in relation to the FCA. In particular the Treasury has no general power of direction over the FCA.