RegulationCorporate GovernanceNAO report: FSA must get a grip on its finances

NAO report: FSA must get a grip on its finances

First NAO report into City watchdog offers some stinging criticisms

national audit office

The NAO says the FSA needs to work harder

The Financial Services Authority, needs to have tighter control of how it
spends its £270m budget, the National Audit Office has said in its first ever
report examining the City watchdog.

The NAO revealed the FSA does not know how much it spends fighting fraud,
money laundering and insider dealing even though this is one of its four
statutory objectives.

It estimated that the FSA spends about £25m a year in this area, or just
under 10% of its budget, but said watchdog could improve the effectiveness with
which it used those resources which it did commit.

The NAO also said the FSA needed to work harder to demonstrate the impact it
was having and streamline the advice it gives to the financial community and
consumers.
Further reading:

FSA issues first ever ‘due care’ fine
against FD

FSA to debate light-touch reputation with
City

FSA throws out ‘light’ hedge fund regime

Related Articles

Corporate governance: staying ahead in accountancy

Corporate Governance Corporate governance: staying ahead in accountancy

3m Alia Shoaib, Reporter
One in 20 audit firms quit as market evolves

Audit One in 20 audit firms quit as market evolves

1y Kevin Reed, Writer
Colin: #EURef bankers a problem

Business Regulation Colin: #EURef bankers a problem

1y Taking Stock
PwC and Deloitte chiefs sign Remain letter

Business Regulation PwC and Deloitte chiefs sign Remain letter

1y Kevin Reed, Writer
Leader: Audit competition drives change, not necessarily quality

Accounting Firms Leader: Audit competition drives change, not necessarily quality

2y Kevin Reed, Writer
EU audit reform to open up £10bn market for firms

Accounting Firms EU audit reform to open up £10bn market for firms

2y Richard Crump, Writer
Best Practice: Saffery Champness managing partner Rob Elliott

Accounting Firms Best Practice: Saffery Champness managing partner Rob Elliott

2y Calum Fuller, Reporter
Standard Life Investments opposes EY's appointment as Shell auditors at AGM

Accounting Firms Standard Life Investments opposes EY's appointment as Shell auditors at AGM

2y Richard Crump, Writer