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...
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