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1081915
star this property registered interest false more like this
star this property date less than 2019-03-04more like thismore than 2019-03-04
star this property answering body
Treasury remove filter
star this property answering dept id 14 more like this
star this property answering dept short name Treasury more like this
star this property answering dept sort name Treasury more like this
star this property hansard heading Financial Conduct Authority remove filter
unstar this property house id 1 more like this
star this property legislature
25259
star this property pref label House of Commons more like this
star this property question text To ask the Chancellor of the Exchequer, whether he plans to increase the accountability of the Financial Conduct Authority; and if he will make a statement. more like this
star this property tabling member constituency Banff and Buchan more like this
star this property tabling member printed
David Duguid more like this
star this property uin 228163 more like this
star this property answer
answer
star this property is ministerial correction false more like this
star this property date of answer less than 2019-03-11more like thismore than 2019-03-11
star this property answer text <p>The Government has taken steps to make the Financial Conduct Authority (FCA) accountable to HM Treasury, Parliament and the public.</p><p> </p><p>For example, under the Financial Services Act 2012, the FCA is required to produce annual reports and accounts which are laid before Parliament. It is subject to a full audit by the National Audit Office, which has the ability to launch VFM studies on the FCA. Both the FCA CEO and Chair have regular meetings with the Treasury Select Committee.</p><p> </p><p>HM Treasury has the power to direct the FCA to investigate and report on possible regulatory failure. HM Treasury also makes appointments to the FCA Board (including the CEO and Chair). The Government has also legislated to create a single complaints scheme with an independent Complaints Commissioner responsible for investigating complaints against the financial regulators, including the FCA. FCA rules are subject to judicial review and the Upper Tribunal can also review the merits of certain firm specific decisions.</p><p> </p><p>The Government believes that the existing accountability mechanisms are appropriate.</p>
star this property answering member constituency Salisbury more like this
star this property answering member printed John Glen more like this
star this property question first answered
remove maximum value filtermore like thismore than 2019-03-11T13:44:25.753Z
unstar this property answering member
4051
star this property label Biography information for John Glen more like this
star this property tabling member
4606
unstar this property label Biography information for David Duguid more like this
1081916
star this property registered interest false more like this
star this property date less than 2019-03-04more like thismore than 2019-03-04
star this property answering body
Treasury remove filter
star this property answering dept id 14 more like this
star this property answering dept short name Treasury more like this
star this property answering dept sort name Treasury more like this
star this property hansard heading Financial Conduct Authority remove filter
unstar this property house id 1 more like this
star this property legislature
25259
star this property pref label House of Commons more like this
star this property question text To ask the Chancellor of the Exchequer, what his Department's policy is on the statutory immunity of the Financial Conduct Authority in cases where it is found to have acted negligently. more like this
star this property tabling member constituency Banff and Buchan more like this
star this property tabling member printed
David Duguid more like this
star this property uin 228164 more like this
star this property answer
answer
star this property is ministerial correction false more like this
star this property date of answer less than 2019-03-11more like thismore than 2019-03-11
star this property answer text <p>The Financial Services and Markets Act 2000 (FSMA) provides the Financial Conduct Authority (FCA) with immunity from liability in damages, including damages arising as a result of negligence. It is important, however, to bear in mind that this statutory immunity does not confer immunity from (i) claims that property rights protected by Article 1 Protocol 1 of the Human Rights Act 1998 have been unlawfully interfered with, or (ii) claims for judicial review of the FCA's actions.</p><p> </p><p>The statutory immunity of the FCA is important in enabling it to take a robust approach to regulation. This immunity allows the FCA to focus its resources on pursuing its objectives without the distraction of claims that may frustrate these efforts, or the risk that firms can delay supervisory interventions through vexatious litigation.</p><p> </p><p>The FCA’s statutory immunity is held to account by an Independent Complaints Commissioner who can consider complaints about the way the FCA has carried out, or failed to carry out, its role. The Commissioner has powers to recommend the payment of compensation and to require the FCA to publish its response to the recommendation, for example where it decides not to pay compensation.</p>
star this property answering member constituency Salisbury more like this
star this property answering member printed John Glen more like this
star this property question first answered
less than 2019-03-11T13:41:27.34Zmore like thismore than 2019-03-11T13:41:27.34Z
unstar this property answering member
4051
star this property label Biography information for John Glen more like this
star this property tabling member
4606
unstar this property label Biography information for David Duguid more like this
884925
star this property registered interest false more like this
star this property date less than 2018-04-16more like thismore than 2018-04-16
star this property answering body
Treasury remove filter
star this property answering dept id 14 more like this
star this property answering dept short name Treasury more like this
star this property answering dept sort name Treasury more like this
star this property hansard heading Financial Conduct Authority remove filter
unstar this property house id 1 more like this
star this property legislature
25259
star this property pref label House of Commons more like this
star this property question text To ask Mr Chancellor of the Exchequer, what steps he has taken to ensure there is (a) transparency, (b) fairness and (c) integrity in the work of the Financial Conduct Authority; and whether he plans to take any further steps to ensure those criteria are met. more like this
star this property tabling member constituency Welwyn Hatfield more like this
star this property tabling member printed
Grant Shapps more like this
star this property uin 135913 more like this
star this property answer
answer
star this property is ministerial correction false more like this
star this property date of answer less than 2018-04-19more like thismore than 2018-04-19
star this property answer text <p>The Government has given the Financial Conduct Authority (FCA) three statutory objectives – securing an appropriate degree of protection for consumers, protecting and enhancing the integrity of the financial system, and promoting effective competition in the interests of consumers. The FCA must also have regard to eight regulatory principles, including transparency - exercising its functions as openly as possible - and proportionality - ensuring any regulation is appropriate and fair, considering costs and benefits.</p><p> </p><p>The FCA is accountable to the Treasury and to Parliament. For example, the Treasury appoints members to the FCA Board, and the FCA’s annual report and accounts must be laid in Parliament by the Treasury.</p><p> </p><p>The Government is satisfied that the current legislative framework ensures there is transparency, fairness, and integrity in the work of the FCA.</p> more like this
star this property answering member constituency Salisbury more like this
star this property answering member printed John Glen more like this
star this property question first answered
less than 2018-04-19T13:48:14.83Zmore like thismore than 2018-04-19T13:48:14.83Z
unstar this property answering member
4051
star this property label Biography information for John Glen more like this
star this property tabling member
1582
unstar this property label Biography information for Grant Shapps more like this