On February 8, 2016, the Treasury Select Committee published three of the FCA’s internal audit reports dated October 2014. The Treasury Committee, on behalf of Parliament, has committed to scrutinize the FCA more rigorously since the financial crisis. In 2014, the Committee decided that its scrutiny would also extend to reviewing the FCA’s internal audit reports, to ensure that the audit reports are of a reasonable standard. The Treasury Committee published the FCA’s audit reports from the first half of 2014 in October 2015. The latest audit reports are on: (i) the identification, handling and management of market sensitive information; (ii) the FCA’s incident response and crisis management capability; and (iii) the design and effectiveness of the FCA’s external communications strategy. Whilst the Treasury Committee is of the view that the FCA’s processes are improving overall, it believes that there is still work to be done.
The Treasury’s February 2016 press release is available at: http://www.parliament.uk/business/committees/committeesa-z/commons-select/treasury-committee/news-parliament-2015/fca-internal-audit-reports-15-16/.
The Treasury’s October 2015 press release is available at: http://www.parliament.uk/business/committees/committeesa-z/commons-select/treasury-committee/news-parliament-2015/fca-internal-audit-reports/.