Select committee: Treasury Committee
Conclusion 11
Fifth Report - The Future Framework for Regulation of Financial Services
Published 6 Jul 2021
Paragraph 57
Addressed to HM Treasury
Treasury Committee Future of Financial Services All items in this report Report on parliament.uk ↗ Inquiry on parliament.uk ↗
Conclusion (the committee's words)
If Parliament itself is to play a role in the setting the regulatory principles of the FCA, it needs to be satisfied that the principles which it has set the FCA are not being undermined by decisions by the Financial Ombudsman Service.
From: Treasury Committee, Fifth Report - The Future Framework for Regulation of Financial Services (HC 147), paragraph 57, 6 July 2021
Government response
The government responded to the whole report on 20 September 2021 (deadline 6 September 2021).
Summary written by Accountability Index from the government's response. It is not the government's own words.The government says it is considering the Committee's recommendations alongside the consultation responses and does not intend to respond to each in detail, as that "would pre-judge" a second consultation due in the autumn.
- The government "agrees with the Committee that the independence of the regulators is vital" and is "committed to preserving the regulators' operational independence".
- On moving on-shored EU law into regulators' rulebooks, it "notes" the Committee's view and says its proposed approach is that independent regulators set direct requirements within a policy framework set by government and Parliament.
- It "welcome[s]" the Committee's recommendation of a "targeted approach" to Select Committee scrutiny, and "notes" the Committee's conclusion on a new committee or body, saying structure of scrutiny is "rightly a matter for Parliament".
- It commits to bring forward "detailed proposals in a second consultation in the autumn".