Relations with HM Treasury
The Treasury appoints the Directors of the Authority following the principles for public appointments issued by the Commissioner for Public Appointments (‘Nolan Principles’). This includes the public advertisement of vacancies.
We are accountable to Treasury Ministers and, through them, to Parliament. Under the legislation we must report on the achievement of our statutory objectives to the Treasury every year. Treasury Ministers must then lay the report before Parliament.
The FSA is operationally independent from the Treasury. Our relationship is set out in an exchange of letters in December 2001 between the Chancellor and the then Chairman of the FSA.
For more information see the Treasury press release An Independent and Accountable FSA.