Andrew Bailey, Chief Executive of the Financial Conduct Authority (FCA), has just launched a consultation on the FCA's guiding set of principles. In response to the consultation, Rt Hon. Andrew Tyrie MP, Chairman of the Treasury Committee, said:
"Andrew Bailey’s consultation document will be raised with him when he comes before the Committee next month.
At a quick read it looks like a robust attempt to give the FCA a much clearer sense of direction. It also attempts to identify what the FCA cannot reasonably be expected to do. Both are certainly needed. So is the greater transparency about its decisions and choice of priorities, promised in the FCA's consultation document.
The FCA now has a responsibility to do much better than their predecessor regulator, the FSA. And Parliament has a responsibility not to make the regulator's job impossible by imposing unreasonably heavy demands on it.
Andrew Bailey has many challenges ahead of him, including the publication of the FCA's report on its review of RBS' treatment of small businesses, the need to strengthen the resilience of IT systems in banks, and reforming the FSCS levy."
Further information
- Financial Conduct Authority: Our future Mission
- About Parliament: Select committees
- Visiting Parliament: Watch committees
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