To ask His Majesty's Government what assessment they have made of the recommendation from the APPG for Investment Fraud and Fairer Financial Services to establish a Financial Regulators’ Supervisory Council and to conduct periodic reviews of the operational effectiveness of the Financial Conduct Authority.
Answered on
6 January 2025
The Government has noted the APPG’s report. Whilst the Government recognises the difficulties faced by those who have lost out, many of the issues explored in the report have already been reviewed, and the FCA has made significant changes as a result.
The Government agrees that the FCA must continue to learn from these experiences and ensure that it is securing an appropriate degree of consumer protection - building on the work delivered through its Transformation Programme.
The Government has no plans to establish a Financial Regulators Supervisory Council.
The Government and Parliament already have numerous mechanisms for holding the FCA to account and assessing its performance and effectiveness. This includes the requirement for the FCA to produce Annual Reports, and to notify relevant parliamentary committees of relevant consultations.
Senior representatives of the FCA also make regular appearances before parliamentary committees, where its performance and operational effectiveness are scrutinised.