To whom does the FCA have to report on an annual basis?

The Financial Conduct Authority (FCA) is required to report annually to Parliament. This reporting is an important aspect of the FCA’s accountability and transparency, enabling Parliament to review the performance of the FCA in its regulatory functions. The annual report typically includes information on the FCA's activities, financial performance, regulatory actions, strategic objectives, and how it has met its statutory objectives.

The relationship between the FCA and Parliament underscores the parliamentary oversight that exists within the regulatory framework of the UK’s financial services sector. This accountability is crucial for ensuring that regulators remain answerable for their actions and decisions, thus promoting trust in the financial regulatory system.

While the other options involve important entities in the financial system, such as the Prudential Regulation Authority, HM Treasury, and the Bank of England, their focus and responsibilities differ from those of Parliament regarding the FCA's reporting obligations.