PARLIAMENTARY WRITTEN QUESTION
Fair and Effective Markets Review (15 June 2015)

To ask Mr Chancellor of the Exchequer, when he last met with representatives of the (a) Financial Conduct Authority and (b) Bank of England to discuss recommendations made by the Fair and Effective Markets Review.

Asked by:
Alison McGovern (Labour)

The Fair and Effective Markets Review was a joint review between the Bank of England, the Financial Conduct Authority (FCA) and HM Treasury. It was chaired by Nemat “Minouche” Shafik, Deputy Governor at the Bank of England, with Martin Wheatley (CEO of the FCA) and Charles Roxburgh (Director General Financial Services at HM Treasury) as co-chairs.

The Review’s secretariat was based at the Bank of England and was drawn from all three authorities, including from HM Treasury. This has been a collaborative piece of work across the institutions and officials maintained a continuous two-way communication between the Review and HM Treasury throughout the life of the Review.

The Review has concluded its findings and made recommendations to the Chancellor on 10 June. The Chancellor and the Governor of the Bank of England have welcomed the Review’s final recommendations in their Mansion House speeches. To ensure that momentum is maintained on the recommendations, the three Principals have committed to providing a full implementation update to the Chancellor and the Governor of the Bank of England, by June 2016.

Answered by:
Dame Harriett Baldwin (Conservative)
21 June 2015