Treasury Committee to quiz FCA leadership

Purpose of the session

Witnesses’ views are likely to be sought on how rises in the cost of living will feed into the financial system, levels of financial crime, and any potential ramifications for consumers.

Other potential topics include the impact of the Bank of England’s decision to change the macroprudential rules around mortgage affordability, the potential new financial regulators complaints scheme, the FCA’s future role in the regulation of Buy Now, Pay Later products, and an update on the organisation’s Transformation programme.

MPs are likely to use the session to explore the potential for competitiveness and long-term economic growth objectives for the FCA, as well as the need for and protection of regulatory independence.

This follows a report recently published by the Committee on the Future of Financial Services Regulation, in which it recommended a secondary objective to promote long-term economic growth be introduced for the FCA. Urging the Government to remember the lessons of the financial crisis, it also noted particular concerns around competitiveness becoming a primary objective.

Witnesses

Thursday 7 July

At 10.05am

Grimond Room, Portcullis House, Houses of Parliament

• Nikhil Rathi, Chief Executive at Financial Conduct Authority
• Richard Lloyd OBE, Interim Chair at Financial Conduct Authority

Further information

• About Parliament: Select committees
• Visiting Parliament: Watch committees

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