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The Chancellor has written to Rt Hon. Andrew Tyrie MP, Chairman of the Treasury Committee, to give the House of Commons the power, on the recommendation of the Treasury Committee, to decide whether a candidate for Chief Executive of the FCA should be appointed. The appointment will be made on a renewable, 5-year term set out in statute.
- Correspondence from the Chancellor to Chair regarding FCA Chief Executive Appointment (
PDF 1.24 MB) - Treasury Committee
Commenting on the correspondence, Rt Hon. Andrew Tyrie MP, Chairman of the Treasury Committee, said:
"The FCA needs demonstrably independent leadership. Parliament's, and the Committee's, influence over the appointment and dismissal of the Chief Executive of the FCA has been greatly strengthened by the arrangements set out in the Chancellor’s letter. Parliament will now be better placed to safeguard the FCA from interference—or the perception of interference—by the Treasury or Treasury Ministers.
Quangos are acquiring huge powers across Government. Unless they are required by Parliament to explain their actions to Select Committees, the risk will be that many will be left unaccountable, in practice, to anybody. That is why a greater role for Parliament, and for Select Committees, in the appointment and dismissal of the people that head up these quangos is so important."
Further information
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