Financial Conduct Authority
Agency overview | |
---|---|
Formed | 1 April 2013 |
Jurisdiction | United Kingdom |
Headquarters | 12 Endeavour Square, London, England |
Employees | 4,000+ |
Agency executive |
|
Parent agency | HM Treasury |
Website | www.fca.org.uk |
The Financial Conduct Authority (FCA) is a financial regulatory body in the United Kingdom, but operates independently of the UK Government, and is financed by charging fees to members of the financial services industry. The FCA regulates financial firms providing services to consumers and maintains the integrity of the financial markets in the UK. It focuses on the regulation of conduct by both retail and wholesale financial services firms.
History[edit | edit source]
The FCA was established on 1 April 2013, taking over many of the responsibilities of the Financial Services Authority (FSA). The creation of the FCA was part of a larger reform of the UK financial regulatory system, which also saw the establishment of the Prudential Regulation Authority (PRA) and the Financial Policy Committee (FPC).
Responsibilities[edit | edit source]
The FCA has a wide range of responsibilities, including:
- Protecting consumers – securing an appropriate degree of protection for consumers.
- Protecting financial markets – protecting and enhancing the integrity of the UK financial system.
- Promoting competition – promoting effective competition in the interests of consumers.
Structure[edit | edit source]
The FCA is governed by a Board, which is appointed by the Treasury. The Board is responsible for setting the FCA's strategic direction and ensuring that it meets its statutory objectives. The day-to-day operations of the FCA are managed by the Executive Committee, which is led by the Chief Executive.
Key Functions[edit | edit source]
The FCA's key functions include:
- Supervising firms to ensure they meet required standards.
- Enforcing rules and taking action against firms that breach regulations.
- Authorising firms and individuals to operate in the financial markets.
- Educating consumers about financial products and services.
- Developing and implementing policies to improve the financial system.
Related Pages[edit | edit source]
- Financial Services Authority
- Prudential Regulation Authority
- Financial Policy Committee
- HM Treasury
- Bank of England
- Financial regulation
See Also[edit | edit source]
References[edit | edit source]
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Contributors: Prab R. Tumpati, MD