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Written question asked by Lord Reay (Conservative) on Tuesday, 22 October 2024, in the House of Lords. It was due for an answer on Tuesday, 5 November 2024. It was answered by Lord Livermore (Labour) on Wednesday, 6 November 2024 on behalf of the Treasury.

Financial Conduct Authority

Question

To ask His Majesty's Government, further to the Written Answer by Lord Livermore on 20 September (HL1065), what plans they have, if any, to reform the Financial Conduct Authority to help make the City of London more competitive.

Answer

The government has no plans to reform the Financial Conduct Authority (FCA), but it is committed to working with the FCA to ensure that it is supporting the government’s growth mission. Effective, proportionate regulation is key to a thriving UK economy and delivering the government’s mission to drive the inclusive growth and international competitiveness of the UK’s financial services sector.

The FCA and Prudential Regulation Authority (PRA) are non-governmental bodies which are independent from the Treasury and have broad powers to make rules in order to advance their statutory objectives. The regulators are required by legislation to carry out their general functions, which include rule-making, in a way that advances their competitiveness and growth objectives.

In line with statutory requirements, the FCA and PRA have included in their consultations an explanation of the compatibility of the proposed rules with their duties, including consideration of the competitiveness and growth objectives.

Secondary information

Type
Written question
Reference
HL1892
Session
2024-26
Related items
Financial Services: Equality
Friday, 20 September 2024
Written questions
House of Lords
Grouped for answer
Yes
Subjects
City of London Competition Financial Conduct Authority
Link
View this Written question on www.parliament.uk