The Financial Conduct Authority (FCA) is responsible for conduct and prudential regulation of firms within the financial services sector to ensure relevant markets function well.

Recently, significant changes have been introduced or proposed to the FCA’s regulation of the sector. These include 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.


This study 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.

It follows on from our 2014 report, Regulating financial services, which looked at the creation of the FCA.

NAO Team

Director: Charles Nancarrow
Audit Manager: Sarah Pearcey