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New regulatory bodies will face full audits by NAO

The Financial Conduct Authority and the Prudential Regulation Authority will be subject to a full audit carried out by the National Audit Office.

The FSA came under the remit of the NAO for 2010/11 onwards and, in last week’s consultation paper, the Treasury confirmed that the FCA and the PRA will also have to comply with a full NAO audit to establish whether value for money is being delivered.

Both regulatory bodies will also be accountable to the public accounts committee, which assesses accounts based on value for money criteria.

The Treasury will have the power to require inquiries into regulatory fail- ure, whether this stems from the FCA or the PRA.

The Treasury also says it expects the Treasury select committee to play a key role in scrutinising each regulatory body.

The consultation paper says: “The Government believes that with this package of measures has provided a coherent framework for accountability, transparency and engagement for the new regulatory structure.”


David Shelton, Author The Business of Advice Published by TaxBriefs

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Ex-Skandia sales director Dave Chessell moving to Novia

Novia has appointed former Skandia UK sales director Dave Chessell as regional sales manager for London and the South-east. Chessell takes over from Paul Boston who will continue as Novia sales director. He left Skandia in October 2009 as part of the firm’s sales restructure. He says: “Smaller, more adaptable platforms such as Novia, that […]


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There is one comment at the moment, we would love to hear your opinion too.

  1. Questions:-

    1. How and by whom will value for money be defined?

    2. Why won’t these new regulations be applied as of RIGHT NOW to the FSA, which still has two years left of its unelected and unaccountable tenure to run?

    3. Will those coerced into funding the regulator be granted any rights of complaint if they consider that it mainfestly isn’t delivering value for money?

    4. Will these new powers of supervision extend to demanding from the regulator an explanation of the validity of any Cost:Benefit Analyses which, under the present system, are just announced as more or less fait accompli?

    5. Will those likely to affected by any new regulatory initiatives have any rights to challenge the Cost:Benefit Analyses on which they’re based?

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