Charles Walker – 2016 Parliamentary Question to the HM Treasury

The below Parliamentary question was asked by Charles Walker on 2016-05-25.

To ask Mr Chancellor of the Exchequer, whether he plans to increase the scope of the Financial Conduct Authority’s terms of reference to include the application of the Treating Customers Fairly policy to banks.

Harriett Baldwin

The Financial Conduct Authority (FCA) is operationally independent of Government and its remit is set out in the Financial Services and Markets Act 2000.

Under the FCA’s policy, banks which are regulated by the FCA are already required to treat customers fairly. Principle 6 of the FCA’s Principles for Businesses states: A firm must pay due regard to the interests of its customers and treat them fairly.