NAO to probe FSA

Government instructs effectiveness review of the regulator for the first time

The National Audit Office (NAO) is to get its hands on the Financial Services Authority (FSA) for the first time since it became the single regulator for financial services in 2001 after receiving instructions from the Treasury to “carry out a review of the economy, efficiency and effectiveness with which the Financial Services Authority has used its resources, when discharging its statutory functions”.