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<p>Under the Financial Services Act 2012 the Financial Conduct Authority (FCA) was
made subject to National Audit Office (NAO) audit with the associated ability of the
NAO to launch Value for Money (VFM) studies of the FCA into its economy, efficiency
and effectiveness. The NAO recently reported on the FCA, as well as the Prudential
Regulation Authority (PRA), in March 2014. A full copy of the report can be found
at the following address - <a href="http://www.nao.org.uk/press-releases/regulating-financial-services/"
target="_blank">http://www.nao.org.uk/press-releases/regulating-financial-services/</a></p><p>
</p><p> </p><p> </p><p>The Treasury has statutory powers to appoint an independent
person to conduct a review of the economy efficiency and effectiveness with which
the FCA has used its resources in discharging its functions. There are no plans to
launch such a review at this stage.</p><p> </p>
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