My honourable friend the Economic Secretary to the Treasury (Ed Balls) has made the following Written Ministerial Statement.

I have laid before both Houses of Parliament a report into the economy, efficiency and effectiveness with which the Financial Services Authority (FSA) has used its resources, when discharging its statutory functions. This review was undertaken by the National Audit Office and is the first to be carried out under Section 12 of the Financial Services and Markets Act—the Act that established the FSA, five years ago.

The remit of the review—which was arrived at following consultation with key stakeholders of the FSA—addresses five broad areas of the authority's work:

internal performance management;

external joint-working within the UK;

influencing and representation internationally;

financial crime; and

financial capability.

Copies of the report are available in the Vote Office and the Printed Paper Office.