Audit Office launches investigation into FCA and PRA

The National Audit Office (NAO) has launched an investigation into the new financial services regulatory structure that came into effect this year.

The Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) will be probed for their effectiveness and value for money by the NAO. The report is part of the NAO's series of investigations into regulation and falls under its value for money work. It is in addition to the audits that the NAO performs of the regulatory bodies every year. The audit's findings will be presented to the Public Accounts Committee (PAC) at the beginning of next year, which will likely stage its own hearing on the findings. The PAC will present its report to the government which th...