Twenty-sixth report of session 2010-12
Twenty-sixth report of session 2010-12

Author: Great Britain: Parliament: House of Commons: European Scrutiny Committee

Publisher: The Stationery Office

Published: 2011-04-10

Total Pages: 86

ISBN-13: 9780215559463

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Twenty-sixth report of Session 2010-12 : Documents considered by the Committee on 27 April 2011, including the following recommendation for debate, an EU agenda for the rights of the child, report, together with formal Minutes

The Department for International Development
The Department for International Development

Author: Great Britain: Parliament: House of Commons: Committee of Public Accounts

Publisher: The Stationery Office

Published: 2013-02-11

Total Pages: 42

ISBN-13: 9780215053435

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Multilateral organisations can play a very valuable role in development; they often work in politically sensitive areas, can offer economies of scale, broker international agreements and set international standards. The Department for International Development (the Department) funds a range of these organisations to deliver its objectives. It spends almost half of its total aid budget on core funding for multilateral organisations, amounting to £3.6 billion in 2011-12. The Department published a Multilateral Aid Review (the Review) in March 2011, which assessed the value for money of 43 multilateral organisations in achieving departmental objectives. Refinements to the Review process will allow the Department to build on its successes and improve the effectiveness of future Reviews. These include pressing multilateral organisations for better data on costs and results, better assessment of gaps and duplication in their activities, and strengthening the link between a multilateral organisation's performance and the Department's funding. Collaborating with other countries on reform programmes and sharing assessments will help the Department to maximise the impact of the Review process and minimise the administrative burdens on multilateral organisations. The Department's overall budget for international aid will increase by 27% in real terms between 2010-11 and 2014-15. Public confidence in the value of UK aid depends on the Department demonstrating that the funds are well spent. Better comparisons between the cost-effectiveness of bilateral aid and multilateral aid will allow the Department to determine which approach is best placed to deliver its outcomes.

Appointment of John Griffith-Jones as Chair-designate of the Financial Conduct Authority
Appointment of John Griffith-Jones as Chair-designate of the Financial Conduct Authority

Author: Great Britain: Parliament: House of Commons: Treasury Committee

Publisher: The Stationery Office

Published: 2013-01-18

Total Pages: 40

ISBN-13: 9780215052438

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John Griffith-Jones is to chair the new Financial Conduct Authority (FCA). Although the FCA is a successor body to the Financial Services Authority (FSA), his is not a continuity role. The Committee believes that the FCA can be radically different from its predecessor under the new chair in at least four respects: He must restore the credibility of the conduct regulator. Although a great deal of time and effort was put into conduct matters, the FSA left consumers exposed to some of the worst scandals in UK financial history. The Committee expects Mr Griffith-Jones and his board to ensure that the new organisation adopts a radically different approach. It is noted that the PRA, which has assumed responsibility for most prudential aspects of the FSA's work, has done this, with its adoption of a move to judgement-based regulation.The FCA has different objectives from the old FSA: as well as having to ensure that markets work well, it has objectives with regard to consumer protection, the integrity of the UK financial system, and competition. The Committee has criticised the complexity of the objectives set out for the FCA in the Financial Services Bill; but Mr Griffith-Jones and the FCA's senior leadership will need to think about the inter-relationship of the FCA's objectives and how meaningfully to fulfil them. The Treasury Committee will engage in an oversight role of the governance at the FCA and with the commitments that Mr Griffith-Jones has made to the Committee, Parliament will expect the new FCA to respond to Treasury Committee requests for information promptly and thoroughly.