Difference between revisions of "U.K. Financial Conduct Authority"

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{{Infobox_Org      <!-- Feel free to remove comments like this when you add real info -->
 
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|org_name = Financial Conduct Authority
 
|org_name = Financial Conduct Authority
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|org_logo =      [[Image:FCA_logo.png {{!}}200px]] <!-- use the syntax: [[Image:imgname.jpg]] for this, or leave it blank -->
 
|foundation =    April 1, 2013
 
|foundation =    April 1, 2013
 
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== History ==
 
== History ==
 
In 1997 the Chancellor of the Exchequer announced reforms to financial services regulation in the UK. As part of those reforms the FSA was created from the Securities and Investments Board.
 
In 1997 the Chancellor of the Exchequer announced reforms to financial services regulation in the UK. As part of those reforms the FSA was created from the Securities and Investments Board.
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On August 7, 2018 the FCA, in collaboration with 11 financial regulators and related organisations, announced the creation of the Global Financial Innovation Network (GFIN), which intends to build on the FCA’s proposal earlier in 2018 to create a ‘global sandbox’ for fintech innovation.<ref>{{cite web|url=https://www.fca.org.uk/publications/consultation-papers/global-financial-innovation-network|name=Global Financial Innovation Network|org=Financial Conduct Authority|date=August 7, 2018}}</ref>
  
 
== Products and Services ==
 
== Products and Services ==

Latest revision as of 13:04, 7 August 2018

Financial Conduct Authority
FCA logo.png
Founded April 1, 2013
Products Regulation of standards and conduct at financial firms
Key People Andrew Bailey, Chief Executive

The Financial Conduct Authority is one of three agencies that replaced the U.K. Financial Services Authority, which was decommissioned on April 1, 2013 in a shake-up that gave most of the U.K.'s regulatory power to the Bank of England.[1]

The FCA is the conduct regulator for 58,000 financial services firms and financial markets in the UK and the prudential regulator for more than 18,000 of those firms. It is an independent public body funded entirely by the firms it regulates and is accountable to the UK Treasury and to Parliament.[2]

Its work and purpose is defined by the Financial Services and Markets Act 2000 (FSMA).

It is the FCA's responsibility to ensure that business across financial services and markets is conducted in a way that advances the interests of all users and participants.

Its duties include:

  • Regulation of the prudential standards and conduct of over 20,000 financial firms
  • Protection of the financial sector, participants and the general public by making sure firms stick to the rules and consumers don’t fall victim to scams or get tied in to unfair contracts.
  • Advocacy on behalf of consumers to make sure financial firms and advisers treat consumers fairly and keep to the FCA's rules and standards.

The FCA is made up of nine divisions that work together to deliver its objectives. They are:

  • Supervision – retail and authorisations
  • Supervision – investment, wholesale & specialists
  • Strategy and competition
  • Enforcement and market oversight
  • Markets policy and international
  • Risk and compliance oversight
  • General Counsel
  • Internal audit
  • Operations


History

In 1997 the Chancellor of the Exchequer announced reforms to financial services regulation in the UK. As part of those reforms the FSA was created from the Securities and Investments Board.

On August 7, 2018 the FCA, in collaboration with 11 financial regulators and related organisations, announced the creation of the Global Financial Innovation Network (GFIN), which intends to build on the FCA’s proposal earlier in 2018 to create a ‘global sandbox’ for fintech innovation.[3]

Products and Services

Financial Markets Regulation in the UK.

Membership

Key People

References

  1. U.K. Shakes Up Bank Regulation. WSJ.com.
  2. About the FCA. FCA.
  3. Global Financial Innovation Network. Financial Conduct Authority.