FCA needs to ‘manage risk’ to meet commitments, NAO warns

Among the recommendations set out in the report the NAO has urged the FCA to ensure it has the operational processes to manage the scale of change it has in motion, and to work with HM Treasury and other stakeholders to review the effectiveness of new accountability arrangements required under FSMA 2023


The Financial Conduct Authority (FCA) is making significant changes in response to its new responsibilities and past regulatory failures, but it “needs to manage the related risks if it’s to meet its commitments, including reducing and preventing financial crime”, according to a new report by the National Audit Office (NAO).

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