MPs call for greater transparency after FCA costs 'breach'

FCA costs increased in 2015/16 despite Commission's recommendation

Nicola Brittain
clock • 2 min read

Treasury Committee chairman Andrew Tyrie has accused the Financial Conduct Authority (FCA) of "breaching" its commitment to cost reduction and demanded that it provides a "clear and adequate explanation to parliament" when expenditure grows in future.

In a letter to FCA chairman John Griffith-Jones, Tyrie (pictured) also complained that the regulator's accounts "lacked clarity" for the same year and said that he wanted assurance that the FCA's accounts would "clearly delineate" the costs of pre-existing and new activities. The complaint letter follows an increase in regulatory costs at the FCA in 2015/16, which Tyrie said had breached a 2013 recommendation made by the Parliamentary Commission on Banking Standards (PCBS) that the regulator should aim to become "smaller and more focused". Although costs for existing activities for 20...

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