View more on these topics

MPs call for full national audit of FSA

MPs are calling for the Treasury to request an audit of the Financial Services Authority by the National Audit Office for only the second time in nine years.

During the public accounts committee on Monday, Conservative MP Richard Bacon said if the FSA had been audited by the NAO, weaknesses in the regulatory system may have been spotted earlier.

Speaking to Treasury permanent secretary Sir Nick MacPherson and UK Financial Investments chief executive John Kingman, Bacon said that if the NAO had been able to conduct value for money studies on the FSA “the problems that have been identified, would have identified earlier”.

PAC chairman Edward Leigh added: “Now since 2000, the rule is that you have to request the NAO to look at a specific part of the FSA and you’ve only ever done that once since 2000 and that was a fairly tangential inquiry.

“After all the FSA is primarily concerned about financial stability and protecting the consumer. you’ve asked the FSA to look at it once since 2000 and that was not about financial stability or protecting the consumer. That must be a worry now, mustn’t it?”

MacPherson said: “I’ve said that this needs to be looked at afresh. Obviously, it requires a ministerial decision. I am an official. But what I am saying to you is that we will look at it afresh. We will ensure that it is considered and that ministers take a view.”


Recommended

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm

    Email: customerservices@moneymarketing.com