Find out what it means to be accountable to the Treasury and Parliament, including how we report on our progress.
We're an independent financial regulator, accountable to the Treasury and Parliament.
Every year we report to the Treasury on our progress through our Annual Report[1]. The Treasury then submits a report to Parliament that examines our performance against our statutory objectives, and how we've dealt with major regulatory cases.
Parliament sets our objectives and the perimeter within which we operate. It also sets an accountability framework within which we should deliver against our objectives.
We appear before Parliament’s Treasury Select Committee (TSC) in a general accountability hearing 3 times a year to scrutinise all aspects of our work. We also regularly give evidence to the TSC and other Parliamentary committees in both the House of Commons and House of Lords, including the House of Lords Financial Services Regulation Committee.
As part of our accountability to Parliament, we respond to requests for information from MPs and peers through letters, parliamentary questions and evidence to All-Party Parliamentary Groups.
The Treasury appoints our Board[2], which manages and challenges our senior executives, helps hold us to account and helps set our direction as an organisation. The Board also ensures we achieve value for money and oversees senior appointments.
Investigating regulatory failure
We must carry out an investigation and report to the Treasury if there has been a significant regulatory failure.
Our approach to investigating and reporting on regulatory failure[3] sets out:
- How we'll decide whether the conditions have been met.
- How we'll carry out the investigations.
- How we'll report.
The Treasury can require us to carry out an investigation and report to it where it considers that the conditions have been met, or if it thinks that an investigation is in the public interest.
Parliamentary committee hearings
We appeared 10 times before a Parliamentary committee between April 2025 and March 2026, including:
| Date | Committee | Hearing | Witnesses |
|---|---|---|---|
| 24 March 2026 | Treasury Select Committee | Work of the FCA | Ashley Alder, Nikhil Rathi, Sarah Pritchard, Steve Smart, Jessica Rusu |
| 16 December 2025 | Treasury Select Committee | Work of the FCA | Ashley Alder, Nikhil Rathi, Sarah Pritchard, Simon Walls |
| 15 October 2025 | House of Commons Treasury Select Committee | AI in Financial Services inquiry | Jessica Rusu, David Geale |
| 15 October 2025 | House of Lords Financial Services Regulatory Committee | The FCA's approach to motor finance compensation | Nikhil Rathi, Sheree Howard, Stephen Braviner-Romain |
| 9 September 2025 | Treasury Select Committee | Work of the FCA | Ashley Alder, Nikhil Rathi, Sheree Howard, Stephen Braviner-Romain |
| 2 September 2025 | House of Commons Bill Committee | Pension Schemes Bill | Charlotte Clark |
| 16 July 2025 | House of Lords Financial Services Regulatory Committee | The FCA's Five-Year Strategy | Nikhil Rathi, Sarah Pritchard, Sheree Howard |
| 15 July 2025 | Business and Trade Committee | Role of the regulators inquiry | Sarah Pritchard |
| 10 June 2025 | Treasury Select Committee | Work of the FCA | Ashley Alder, Nikhil Rathi |
| 30 April 2025 | House of Commons Treasury Select Committee | Finfluencers | Steve Smart, Lucy Castledine |
