MPs quiz FCA leadership on bank branch closures, savings rates, consumer protection and more
The Treasury Committee will hear from the Chief Executive and Chair of the Financial Conduct Authority (FCA), as part of the Committee’s regular scrutiny of the regulator’s work.
In a wide-ranging session, MPs on the cross-party Committee are likely to quiz the regulator’s leadership on topics including access to cash and bank branch closures. Another issue likely to be discussed is the competitiveness of savings rates offered by the UK’s largest banks. Witnesses’ views are likely to be sought on whether the regulator has a role in encouraging banks to provide competitive savings products.
Meeting details
As the Financial Services and Markets Bill makes its way through Parliament, the witnesses may also be asked about the FCA’s potential new growth and competitiveness secondary objective, and how it will change how they work.
Witnesses may also be asked to give their view on the industry’s preparations for, and the impact of, the FCA’s new ‘consumer duty’, which will set higher expectations for the standard of care financial services firms give consumers. It follows recent news reports suggesting that the City Minister is concerned about the potential impact of the changes.
MPs may also discuss plans for new regulatory requirements heading towards the organisation, including around Buy Now Pay Later schemes and crypto-assets, and what additional resources might be required to meet these responsibilities