The Consumer Protection and Markets Authority (CPMA), one of the bodies set to replace the FSA from 2013, will be subject to audit by the National Audit Office (NAO) under rules proposed by the Treasury today.
A regular NAO inspection will "deepen accountability and transparency" and allow the NAO to report on the effectiveness of the CPMA, it says. The Public Accounts Committee would then scrutinise the reports. The FSA is set to be audited for the first time by NAO for the 2010/11 financial year. As part of the coalition's plans to break up Labour's tripartite regulatory system, the CPMA will assume all conduct of business and supervisory responsibilities from the FSA. A Prudential Regulation Authority (PRA) will be responsible for the prudential regulation of individual firms, unde...
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