Source · Select Committees · Treasury Committee
Recommendation 14
14
Not Addressed
Paragraph: 95
The perimeter is complex, and while the FCA has some limited powers to act beyond...
Conclusion
The perimeter is complex, and while the FCA has some limited powers to act beyond the perimeter, it does not have the remit to actively monitor or intervene outside the perimeter. We recognise the need for the FCA to make prioritisation decisions as its resources are finite.
Government response summary AI-generated
The government's response focuses entirely on the LCF compensation scheme and complaints, without addressing the conclusion regarding the complexity of the regulatory perimeter or the FCA's limited powers and resources beyond it.
Summary of the government's response below — read the verbatim text to verify.
Paragraph Reference:
95
Government Response
Not Addressed
HM Government · verbatim extract
Not Addressed
To ensure we deliver on our objectives and in the public interest, we focus our resources on those markets where we see the most potential for harm. Changes in the range of financial products available mean the sources of harm are constantly evolving. Where changes are made to the perimeter, we take these into account as part of our ongoing planning of work. Our annual Business Plan sets out our key priorities and planned activities. It also sets out the cost of the resources we need to carry out our work. We consult annually on regulatory fees and levies to ensure that we are distributing costs appropriately across the sector.
Read the full response on Parliament ↗