Source · Select Committees · Treasury Committee
Recommendation 7
7
Paragraph: 63
The FCA plays a vital role as the UK’s financial conduct regulator and prudential regulator...
Conclusion
The FCA plays a vital role as the UK’s financial conduct regulator and prudential regulator for most financial services firms. Its work affects millions of financial services customers and it is important that it has the right culture to facilitate its objectives. We support the views of the current FCA senior leadership team that the organisation needs to become a more “proactive”, “agile”, “decisive” and joined- up regulator that is willing to act, including in the face of uncertainty, to protect consumers and financial markets.
Paragraph Reference:
63
Government Response
Acknowledged
HM Government
Acknowledged
Our annual perimeter report, that we first published in 2019, seeks to provide greater clarity to stakeholders on the FCA’s role, and to set out specific issues that have arisen around our perimeter. We will take this feedback from the Committee into consideration when drafting our next annual perimeter report, which we plan to publish in Autumn 2021. As you know, the Government has also agreed to jointly assess the state of the perimeter each year via a meeting between our Chief Executive and the Economic Secretary to Treasury, to discuss the report’s contents. This is in addition to our regular engagement with the Treasury on perimeter issues.