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

Why investors should be getting revved up about Vietnam

Why investors should be getting revved up about Vietnam

From conflict to confidence

Gabriel Sacks
clock 04 September 2025 • 4 min read
Robeco issues investment advice scam warning as fraudsters pose as employees

Robeco issues investment advice scam warning as fraudsters pose as employees

Name and logo used in fraudulent activities

Jenna Brown
clock 02 September 2025 • 1 min read
Laith Khalaf: Trump makes (some) active funds great again

Laith Khalaf: Trump makes (some) active funds great again

42% of active managers have outperformed a passive alternative so far in 2025

Laith Khalaf
clock 02 September 2025 • 3 min read