Who is the FCA primarily accountable to?

The Financial Conduct Authority (FCA) is primarily accountable to the Treasury. This accountability reflects the FCA's role as a regulatory body operating within the framework set by the UK government and its financial policy. The Treasury, as part of the government, oversees the financial system and ensures that regulatory bodies like the FCA operate effectively and in line with national financial policies.

This relationship means that the Treasury has oversight of the FCA’s budget and strategic objectives, ensuring that the FCA acts in the public interest to maintain trust and confidence in the UK financial system. Additionally, the Treasury can issue statutory directions to the FCA regarding its operational objectives, reinforcing the accountability structure between these entities.

Other choices such as the Prime Minister or the Bank of England do not have the same direct role in overseeing the FCA's operations, while the financial industry, though critical to the FCA's function, is not a governing body responsible for regulatory accountability.