Source · Select Committees · Treasury Committee
Recommendation 8
8
Paragraph: 64
We welcome the FCA’s ongoing transformation programme which has cultural change as one of its...
Conclusion
We welcome the FCA’s ongoing transformation programme which has cultural change as one of its priorities. We however note that the FCA has undergone numerous structural and operational changes since its inception, with more changes expected as part of the ongoing transformation. We recognise that culture change takes time but recommend that the FCA Board sets itself an end date for the transformation programme and that it creates milestones at which improvements and evidence of changes in culture can be reviewed. These milestones and reviews should be put into the public domain. At the completion of the transformation programme, the FCA should ensure it has in place measures that will ensure that its improved culture is maintained and embedded.
Paragraph Reference:
64
Government Response
Acknowledged
HM Government
Acknowledged
to HM Treasury to change or adapt relevant legislation setting the perimeter of regulation. We have also worked with HM Treasury to provide more transparency around the process by which we address harms emerging outside our perimeter. HM Treasury published the minutes14 of the first of the annual meetings between the CEO of the FCA and the Economic Secretary to the Treasury earlier this year. Any changes to our formal powers and remit are a matter for Government and Parliament to consider. We note that FSMA requires that we conduct a cost benefit analysis on proposed rules.