On 6 September 2011 HM Treasury published an update to the consolidated version of FSMA on its website (originally published on 5 July 2011). Although the consolidated text is for reference only and to aide pre-legislative scrutiny, it will help readers to see the changes the new proposals will make to FSMA.
On 18 August 2011 the Treasury Select Committee announced an inquiry into the accountability of the Financial Conduct Authority under the UK’s new regulatory system. The Chairman, Andrew Tyrie, said the inquiry is a “golden opportunity” to review the accountability of the FCA to consumers, industry practitioners and Parliament. The inquiry is expected to focus on conduct of business regulation which, according to the press release, many perceive to have been ineffective and costly under the FSA.