National Audit Office to scrutinise FCA as its responsibilities grow

Review into effectiveness

The National Audit Office has launched a new review of the Financial Conduct Authority’s effectiveness and ability to manage a growing list of responsibilities, such as promoting UK competitiveness, implementing the Consumer Duty and overseeing cryptoassets.

According to the NAO, the review comes in the wake of the "significant changes" that have been introduced in the way the watchdog is expected to regulate the financial sector. The review is scheduled for winter 2023/24. "These include the Future Regulatory Framework, a new Consumer Duty for regulated firms and a new proposed statutory secondary objective for the FCA to facilitate the international competitiveness and growth of the UK economy in the medium- to long-term," it said. Regulators push back against draft Financial Services Bill The Treasury Committee has expressed support...