Fair and Effective Markets Review: terms of reference

These terms of reference outline the scope of the Fair and Effective Financial Markets Review.



The government has announced further steps to raise standards of conduct in the financial system with a joint review by the Treasury, the Bank of England and the Financial Conduct Authority (FCA) into the way wholesale financial markets operate. Strong and successful financial services that set the highest standards are an essential part of building a resilient economy.

The ‘Fair and Effective Markets Review’ will be led by Bank of England Deputy Governor for Markets and Banking, Minouche Shafik, with Martin Wheatley (Chief Executive Officer, FCA) and Charles Roxburgh (Director General, Financial Services, HM Treasury) as co-chairs.

Published 12 June 2014
Last updated 11 July 2014 + show all updates
  1. Link added to the Fair and Effective Markets Review website.
  2. First published.