Recommendations for the Financial Conduct Authority: November 2024

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.