The Audit Committee is responsible for reviewing and providing assurance to the Board on matters including the effectiveness of the FCA’s internal controls, the internal risk management framework and mitigation strategies, the integrity of the financial statements in the annual accounts and the statements that relate to financial controls and internal risk, and for oversight of the external audit process.
The External Risk and Strategy Committee is responsible for the review and oversight of the external risks to the achievement of the FCA’s statutory objectives; the executive’s appetite for such risks; the suitability of the scope and coverage of the mitigation used to reduce the potential impact of such risks; and the effective operation of the Regulatory Decisions Committee.
The Regulatory Decisions Committee (RDC) exercises certain regulatory powers in relation to the giving of supervisory notices, warning notices and decisions notices on behalf of the FCA as described in the FCA Handbook.
The Remuneration Committee is responsible for ensuring there is a formal and transparent procedure for developing policy on executive remuneration and for agreeing the remuneration packages of individual directors.
The Oversight Committee is responsible for providing support and advice to the Board on its relationship with the Money Advice Service (MAS) and its obligations under FSMA in respect of MAS. The Committee has the ability to extend its scope to carry out other assignments as specifically mandated by the Board, for example, to review the Plan and Budget of the Financial Ombudsman Service or the Financial Services Compensation Scheme from time to time if required.
The Nominations Committee is responsible for making recommendations for maintaining an appropriate balance of skills on the Board with a view to ensuring the continued ability of the organisation to meet its statutory objectives.
See Corporate Governance at the FCA for further details.
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