Correspondence

Recommendations for the Financial Conduct Authority: November 2024

Letter from the Chancellor of the Exchequer to the Chief Executive of the Financial Conduct Authority (FCA) providing recommendations for the FCA.

• From: HM Treasury and The Rt Hon Rachel Reeves MP
• Published: 15 November 2024
• Last updated: 10 July 2025 — See all updates

Documents

Recommendations for the Financial Conduct Authority (FCA)

PDF, 1.77 MB, 6 pages

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Recommendations for the Financial Conduct Authority (HTML)

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Response from the Financial Conduct Authority

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Details

The Financial Conduct Authority (FCA) is the conduct regulator for financial services in the UK. It regulates the conduct of around 50,000 firms, prudentially supervises around 48,000 firms, and sets specific standards for around 18,000 firms.

The Financial Services and Markets Act 2000 requires the Treasury, at least once in each Parliament, to make recommendations to the FCA about aspects of the government’s economic policy to which the FCA should have regard when advancing its objectives and discharging its duties.

This letter provides such recommendations and outlines the important role the FCA plays in facilitating growth and international competitiveness.

The FCA is required to respond to the recommendations from the Treasury within a year of receiving the recommendations, and each subsequent year after that. These responses set out action that the FCA has taken, or intends to take, in accordance with the recommendations, or why it has not acted.

Published 15 November 2024

Last updated 10 July 2025 + show all updates

1. 10 July 2025

   Updated text in the details to reflect the current landscape. Added the Response from the Financial Conduct Authority letter.

2. 15 November 2024

   First published.