NAO Report on the Financial Services Authority
In June last year, the Treasury used its powers under section 12 of the Financial Services and Markets Act 2000 to invite the National Audit Office (NAO) to carry out the first review into the economy, efficiency and effectiveness with which the Financial Services Authority has used its resources when discharging its statutory functions.
The NAO was asked to examine five main areas that were arrived at in consultation with key FSA stakeholders. These were:
- An audit of the FSA's emerging performance management framework; and
- An assessment of the FSA's use of resources in relation to its objectives and activities covering: financial crime; financial capability; joint-working with other domestic regulators; and international influence and representation.
Back to top