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Financial Conduct Authority (FCA)

The Financial Conduct Authority (FCA) works alongside the Prudential Regulatory Authority (PRA) in regulating the financial services industry in the UK.  Whereas the PRA is responsible for the prudential regulation and supervision of banks, building societies, credit unions, insurers and major investment firms, the FCA is responsible for the prudential regulation of those financial services firms not supervised by the PRA such as asset managers and independent financial advisers.  The FCA has “rule-making, investigative and enforcement powers” that it uses to regulate the financial services industry.

The FCA is also responsible for promoting effective competition, ensuring that relevant markets function well, and for the conduct regulation of all financial services firms. This includes acting to prevent market abuse and ensuring that consumers get a fair deal from financial firms.

The FCA states that their overall aims are to ensure that “markets and financial systems are sound, stable and resilient, with clear pricing information that consumers can easily understand.  This responsibility has been set out by the Government acording to the Financial Services Act 2012.  To support this primary objective, the FCA has three operational objectives:

  • To secure an appropriate degree of protection for consumers.
  • To protect and enhance the integrity of the UK financial system.
  • To promote effective competition in the interests of consumers.

 

 Structure

The Board sets FCA policy.  The FCA is accountable to the Treasury and, through them, to Parliament.  The FCA Board, made up of executive and non-executive members, has a number of committees (both links to FCA website) as follows:

  • Audit Committee;
  • Risk Committee;
  • Regulatory Decisions Committee;
  • Remuneration Committee; and
  • Oversight Committee

Day-to-day decisions and staff management are the responsibility of the Executive Committee.  The FCA’s executive management team (link to FCA website) is spread over a number of various divisions performing the day to day roles to support the FCA in meeting its statutory objectives.

For more information please click here (link to FCA website).

 

Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.