Find out what it means to be accountable to the Treasury and Parliament, including how we report on our progress.
We're an independent financial regulator, accountable to the Treasury and Parliament.
Every year we report to the Treasury on our progress through our Annual Report. The Treasury then submits a report to Parliament that examines our performance against our statutory objectives, and how we've dealt with major regulatory cases.
We appear before Parliament’s Treasury Select Committee (TSC) in a general accountability hearing 3 times a year to scrutinise all aspects of our work. We also regularly give evidence to the TSC and other Parliamentary committees.
As part of our accountability to Parliament, we respond to requests for information from MPs and peers through letters, parliamentary questions and evidence to All Party Parliamentary Groups.
The Treasury appoints our Board, which manages and challenges our senior executives, helps hold us to account and helps set our direction as an organisation. The Board also ensures we achieve value for money and oversees senior appointments.
Investigating regulatory failure
We must carry out an investigation and report to the Treasury if there has been a significant regulatory failure.
Our approach to investigating and reporting on regulatory failure sets out:
- how we'll decide whether the conditions have been met
- how we'll carry out the investigations
- how we'll report
The Treasury can require us to carry out an investigation and report to it where it considers that the conditions have been met, or if it thinks that an investigation is in the public interest.