The Treasury Committee has published the terms of reference for the inquiry into the Financial Conduct Authority.

Submissions of up to 3,000 words can be made by noon on 10 October.

The topics for inquiry are: 

• Are the objectives of the Financial Conduct Authority (FCA) clear and appropriate?
• Should the FCA have a primary duty to promote competition as recommended by the Treasury Select Committee and Independent Commission on Banking? How should this work in practice?
• Does the FCA’s approach to regulation, as outlined in the Financial Services Authority (FSA)’s June 2011 document, represent an improvement on that of the FSA?
• To whom should the FCA be accountable? Are the lines of accountability clear?
• Are the powers of the FCA suitable? Will their exercise be subject to appropriate scrutiny? How should the FCA be interacting with industry as well as using its intervention powers?
• How will the break-up of the FSA work in practice? Issues of coordination and information sharing between the FCA and the Prudential Regulation Authority (PRA).
• How should the FCA be interacting with other domestic regulators? For example, the FCA’s relationship with the Bank of England and Financial Ombudsman Service.
• How should the FCA be interacting with international regulators? Do EU regulation initiatives restrict or enhance the work of the FCA? Will the FCA be able effectively to engage with the EU supervisory authorities? 

Submissions should be in Word or rich text format- not PDF- and contain a name, phone number and email address. The address to send them to is This email address is being protected from spambots. You need JavaScript enabled to view it.

The Treasury Committee has also announced a call for evidence for the final report of the Independent Commission on Banking ahead of a session with Sir John Vickers on 10 October.

Andrew Tyrie MP, chairman of the committee, said: “It is vital the UK gets the banking reform right. We need a vigorous debate on whether the Vickers proposals are the right way forward for the UK.

“We have also asked banks and other interested parties to submit written evidence to us ahead of our evidence session with Sir John. Those with views about the impact of the proposals should take this opportunity to speak up.”

This evidence is due by the noon on the 30 September to the same email address as above.