Summary Report of 2 June 2026 Audit and Risk Assurance Committee Meeting
Published 25 June 2026
Applies to England, Northern Ireland and Wales
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The Committee considered the following items:
Executive Update
The Director of Corporate Services gave an update on the latest work and issues within the FSA and wider government including: the Middle East, SPS, FFR, Finances, Pay Remit, CSPS and FSA Ready.
Governance Framework for Enforcement - update
The Deputy Director Strategy updated ARAC on the progress made implementing management actions. Members discussed several points and supported the direction of travel.
Regulatory Audit progress report
The Head of Delivery Assurance presented the latest report detailing the progress made in delivering regulatory audit assurance activities in England, Wales and Northern Ireland. ARAC members noted the work completed.
Horizontal Review – Service Planning
The Heads of Internal Audit and Regulatory Audit gave the ARAC an update on this joint work. Members will receive further details at the next meeting.
NAO Plan 2025/26
The NAO Director presented their Plan for 2025/26 giving details of areas of focus and the timeline. Members discussed the details of various points.
Head of Internal Audit’s Annual Report and Opinion
The Head of Internal Audit introduced her annual report and opinion for 2025/26. ARAC members noted the opinion and discussed some of the topics that were detailed in the report.
Annual Report to FSA Board from ARAC Chair
The Chair of the ARAC introduced the paper which summarised the activities of the Committee during 2025/26. The ARAC members were content with the report which will be submitted to the September Board meeting.
Corporate Risk Management Update
The Head of Planning, Performance and Risk presented the paper which detailed the latest risk position and planned activities. ARAC members discussed some of the points raised within the paper
Counter Fraud Annual Report
The Head of Standards and People Policy and the Standards and Casework Lead introduced the paper which gave an overview of the FSA’s counter fraud activities during 2025/26. ARAC members noted the paper and discussed various points.
Information Security Annual Report
The Head of Knowledge Information Management and Security and the Chief Information Officer presented the paper which gave an overview of activities during 2025/26 within the FSA to keep information secure. Members discussed several issues and noted activities that are planned for the current year.
Annual Report and Accounts 2025/26 – Governance Statement
The Financial Controller and Assurance Manager introduced the draft Governance Statement for 2025/26. ARAC Members noted the changes from previous years and were content with the statement.
Current Litigation
The General Counsel gave the ARAC members an overview of current litigation involving the FSA including updates received between the papers being issued and the meeting.
Below the line papers received for information:
- Audit Management Actions
- Complaints
- Programmes and Projects
- External Assurances
Date of next meeting:
1 September 2026