Source · Select Committees · Treasury Committee
Recommendation 14
14
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.
Paragraph Reference:
95
Government Response
Acknowledged
HM Government
Acknowledged
We will continue to coordinate with the Treasury on our respective communications with bondholders. The administrators also play an important role and will need to work closely with the FSCS given the Government’s plans for FSCS to administer the LCF Compensation Scheme; this will help to ensure a coordinated approach for LCF bondholders. We will continue to ensure that anyone contacting the FCA about the government’s LCF 15 UK Prospectus Regime: a consultation, HM Treasury, published 1 July 2021 16 Evaluation of the impact of the Retail Distribution Review and the Financial Advice Market Review, Financial Conduct Authority, published December 2020 Second Special Report of Session 2021–22 19 Compensation Scheme is pointed to the relevant available information and the FSCS where appropriate. We will continue to work with Treasury once the government’s scheme is fully operational to ensure bondholders can contact the relevant organisation. As set out on 29 June,17 we, along with the PRA, intend to conclude the Complaints Scheme Consultation by the end of the year, and will take into account the views of the Committee and other interested parties.