<p>The Financial Conduct Authority (FCA) is operationally independent from Government and carries out is functions within the framework of statutory objectives and duties agreed by Parliament.</p><p>In view of its independence the Treasury does not specify non-statutory operational targets for the FCA.</p><p>Under the Financial Services Act 2012 (“the Act”) the FCA is required to prepare an annual report on its performance against its statutory objectives.</p><p>The Act also makes the FCA subject to NAO audit with the associated ability of the NAO to launch VFM studies of the FCA.</p><p>The Treasury has powers to appoint an independent person to conduct a review of the economy efficiency and effectiveness with which the FCA has used its resources in discharging its functions.</p>