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National Audit Office launches investigation into FCA and PRA

by: Carmen Reichman
  • 01/08/2013
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National Audit Office launches investigation into FCA and PRA
The National Audit Office (NAO) has launched an investigation into the new financial services regulatory structure that came into effect this year.

The Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) will be probed for their effectiveness and value for money by the NAO.

The report is part of the NAO’s series of investigations into regulation and falls under its value for money work.

It is in addition to the audits that the NAO performs of the regulatory bodies every year.

The audit’s findings will be presented to the Public Accounts Committee (PAC) at the beginning of next year, which will likely stage its own hearing on the findings.

The PAC will present its report to the government which then has to respond to the committees recommendations.

A NAO spesman said:”This study will examine the new regulatory framework and approach, providing an early assessment on whether regulation is likely to be delivered in a targeted, proportionate, consistent and transparent way, and whether the bodies are effectively working together where this is necessary or beneficial.

“It will consider the impact of the changes, both in terms of the additional costs of the regulators and, where possible, through estimates of the additional costs and benefits to regulated firms and consumers, and review the performance measurement system used by the new regulators.”

 

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