The National Audit Office has announced plans to review the effectiveness of the Financial Conduct Authority and its ability to manage a growing set of responsibilities.
With a widening set of sectors to oversee, including cryptoassets and the broader risks associated with artificial intelligence, the FCA’s role is set to significantly change, not least due to the future regulatory framework, a new consumer duty for regulated firms, and a new proposed statutory secondary objective for the FCA to facilitate the international competitiveness and growth of the UK economy in the medium to long term.
Externally, technological innovations such as cryptoassets and artificial intelligence provide challenges and opportunities for regulation of financial services.
The NAO says that the study – the first time the FCA has been audited in this way since 2014, a year after it was formed – will examine how the FCA is working with others, particularly HM Treasury, to take action to meet aspects of the challenges and take advantage of the opportunities posed by recent changes.
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