The Bishop of St Albans received the following written answers on 6th January 2025:
The Lord Bishop of St Albans asked His Majesty’s Government:
- what assessment they have made of the Report on the Call for Evidence about the Financial Conduct Authority, published by the APPG for Investment Fraud and Fairer Financial Services, and what steps they are taking to implement its recommendations.
- what assessment they have made of the recommendation from the APPG for Investment Fraud and Fairer Financial Services to establish a Financial Regulators’ Supervisory Council and to conduct periodic reviews of the operational effectiveness of the Financial Conduct Authority.
Lord Livermore (Lab, Treasury): The Government has noted the APPG’s report. Whilst the Government recognises the difficulties faced by those who have lost out, many of the issues explored in the report have already been reviewed, and the FCA has made significant changes as a result.
The Government agrees that the FCA must continue to learn from these experiences and ensure that it is securing an appropriate degree of consumer protection – building on the work delivered through its Transformation Programme.
The Government has no plans to establish a Financial Regulators Supervisory Council.
The Government and Parliament already have numerous mechanisms for holding the FCA to account and assessing its performance and effectiveness. This includes the requirement for the FCA to produce Annual Reports, and to notify relevant parliamentary committees of relevant consultations.
Senior representatives of the FCA also make regular appearances before parliamentary committees, where its performance and operational effectiveness are scrutinised.
The Lord Bishop of St Albans asked His Majesty’s Government what plans they have, if any, to reform the process for appointing the Financial Conduct Authority’s senior leadership and to introduce Parliamentary oversight of the appointment of its Chair.
Lord Livermore: The Government appoints the Chair, Chief Executive and Non-Executive Directors of the Financial Conduct Authority (FCA), and has no plans to reform the process for appointing the FCA’s senior leadership.
The Government and Parliament already have numerous mechanisms for holding the FCA to account and assessing its performance and effectiveness. This includes the requirement for the FCA to produce Annual Reports, and to notify relevant parliamentary committees of relevant consultations.
The Church of England in Parliament 
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