Watching the watch-dog

Purpose – This paper seeks to consider the first ever report by the National Audit Office (NAO) on the economy, efficiency and effectiveness of the Financial Services Authority (FSA). Design/methodology/approach – This paper reviews the NAO's report and the FSA's response. Findings – The paper finds that the majority of the NAO's findings and recommendations have been accepted and incorporated into the FSA's planning. Originality/value – This paper will be of interest to regulated firms and regulatory and public law lawyers.