Govt carries out audit of FCA and HMRC

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The Cabinet Office is testing the effectiveness of the FCA as part of a wide-ranging review of the UK’s enforcement agencies.

The Financial Times reports the FCA is being reviewed alongside HM Revenue & Customs, the National Crime Agency and the Serious Fraud Office.

The Competition and Markets Authority and police forces that specialise in economic crime, such as the City of London Police, are also being examined.

Organisations are being asked to complete questionnaires which include details of success rates and comparisons with overseas agencies.

Home secretary Amber Rudd briefly flagged the review recently in parliamentary questions.

She said: “The Cabinet Office will look at the UK’s response to economic crime more broadly. This will include looking at the effectiveness of our organisational framework and the capabilities, resources and powers available to the organisations that tackle economic crime.”

The Government has not provided further details.

The review is looking at all options, including merging or scrapping organisations.