The UK Treasury building
Financial regulators are to come under the spotlight as the Government seeks to ensure they are being as efficient, fair and transparent as they need to be.
The Treasury has launched a review of the Financial Conduct Authority and Prudential Regulation Authority.
It will report to the Chancellor in the autumn and then to Parliament.
Chancellor of the Exchequer George Osborne said: "The Government has taken action to provide a welcoming business environment for those in the financial services industry who play by the rules whilst ensuring that those intent on breaking them are held to account.
"I am committed to ensuring that the financial services regulators pursue a model of enforcement that delivers the appropriate balance of fairness, transparency, speed and efficiency."
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The Government said the review continues its focus on strengthening accountability in the financial services industry having already taken action over matters such as the LIBOR scandal.
The Treasury said for enforcement action to be effective, wrongdoers must believe that they face a real and tangible risk of being held to account and must expect to face meaningful and proportionate sanctions and stressed the importance of the role the regulators play in this.
The Treasury has published a call for evidence to be submitted by 4 July 2014 and will host roundtable discussions with interested parties during June.
