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<p>I recognise that many in the financial services sector have concerns about the
Financial Conduct Authority’s (FCA) proposed changes to its approach to enforcement.</p><p>This
is why the Chancellor and I have been clear that we believe the FCA should reconsider
its proposals, in light of responses to its consultation, and considering its new
growth and competitiveness objective. The competitiveness of the UK’s world-leading
financial services sector is one of the Government’s top priorities.</p><p>The legislative
framework provides for the FCA to be operationally independent from the government.
The independence of the FCA is vital to its role. The Government respects this operational
independence, but takes holding it to account very seriously.</p><p>The specific concerns
you have raised are a matter for the FCA, as the operationally independent regulator.
The FCA will respond to the Honourable Member by letter on this matter, and a copy
of the letter will be placed in the Library of the House of Commons.</p><p>The purpose
of any consultation is to allow the regulators to test their proposals and understand
their potential impact. It is therefore appropriate to suggest that the FCA reconsider
its proposals in light of the feedback received. The Government will continue to engage
closely with stakeholders, and with the FCA as they consider next steps.</p>
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