National Audit Office to scrutinise FCA as its responsibilities grow

Consumer Duty a major part of watchdog's growing workload

Valeria Martinez
clock • 2 min read

The National Audit Office (NAO) has launched a new review of the Financial Conduct Authority’s (FCA) effectiveness and ability to manage its growing list of responsibilities such as implementing the Consumer Duty, promoting UK competitiveness, and overseeing cryptoassets.

According to the NAO, the review comes in the wake of the "significant changes" that have been introduced in the way the watchdog is expected to regulate the financial sector. The review is scheduled for winter 2023/24. "These include the future regulatory framework, a new Consumer Duty for regulated firms and a new proposed statutory secondary objective for the FCA to facilitate the international competitiveness and growth of the UK economy in the medium- to long-term," it said. The Treasury Committee has expressed support for the introduction of the promotion of growth as a secondar...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Investment

Rathbones looks for growth after year of internal focus during Investec merger

Rathbones looks for growth after year of internal focus during Investec merger

Growth in funds under management and administration to £115.6bn

Eve Maddock-Jones
clock 15 January 2026 • 3 min read
Brooks Macdonald returns to positive flows in Q2

Brooks Macdonald returns to positive flows in Q2

Funds under management/advice now top £20bn

Jenna Brown
clock 15 January 2026 • 2 min read
PA Awards 2026: Multi-asset shortlists revealed

PA Awards 2026: Multi-asset shortlists revealed

Championing excellence

Professional Adviser
clock 14 January 2026 • 2 min read