Financial Conduct Authority

The government monitors the performance of the Financial Conduct Authority (FCA) in a number of ways.

For example, the FCA is required to respond annually to the letter of recommendation sent by the Chancellor which sets out aspects of the government’s economic policy to which the FCA must have regard. The government scrutinizes this response, as well as other publications such as the FCA’s annual report.

The FCA publishes data against a range of metrics which support the government in monitoring its performance. The FCA is also developing new metrics to monitor its performance as part of its 2025-30 Strategy. This provides opportunities to assess how effectively the FCA is carrying out its role.

The Regulation Action Plan, published in March 2025, committed the government to holding regular performance reviews with relevant regulators. I have held the first meeting with the FCA, and the minutes of this meeting will be made publicly available. The government will use these meetings to build on its already extensive engagement with the FCA and other regulators, to hold them to account for their performance against their statutory duties, their work to reduce administrative costs, and alignment with government priorities.