Sarah Jane Leake | Bloomberg Law Financial Conduct Authority – House of Commons Treasury Committee Twenty-sixth Report of Session 2010-12, 13 Jan. 2011 On 13 January, the House of Commons Treasury Committee (Committee)1 published a report on the Financial Conduct Authority (FCA), the conduct of business regulator in the coalition Government's new regulatory framework for financial services. Given the wave of criticism levelled at the Financial Services Authority (FSA) for its overly bureaucratic, box-ticking culture, and for failing to sufficiently protect consumers from regulatory failure, the Committee views the creation of the FCA as an opportunity to create something better. "If we are not careful," cautions Committee chairman Andrew Tyrie MP, "the FCA will become the poor relation among the new institutions. But it is the one that will matter most to millions of consumers."2 The Committee stresses the importance of ensuring that the FCA does not carry over the FSA's shortcomings through new legislation. To this end, the report sets out a number of recommendations for the Government to consider before finalising the Financial Services Bill3 (FS Bill). The key issues arising out of the report are outlined below.
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